Retail markets and shops have a very ancient history, dating back to antiquity. Over the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of the modern era.

Retailing involves the process of selling consumer goods or Services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain. Some of the earliest retailers were itinerant peddlers. The term "retailer" is typically applied where a service provider fills the small orders of a large number of individuals, who are end-users, rather than large orders of a small number of wholesale, corporate or government clientele. Shopping generally refers to the act of buying products. Sometimes this is done to obtain final goods, including necessities such as food and clothing; sometimes it takes place as a recreational activity. Recreational shopping often involves window shopping (just looking, not buying) and browsing: it does not always result in a purchase.

Most modern retailers typically make a variety of strategic level decisions including the type of store, the market to be served, the optimal product assortment, customer service, supporting services and the store's overall market positioning. Once the strategic retail plan is in place, retailers devise the retail mix which includes product, price, place, promotion, personnel and presentation. In the digital age, an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing. Digital technologies are also changing the way that consumers pay for goods and services. Retailing support services may also include the provision of credit, delivery services, advisory services, stylist services and a range of other supporting services.

Retail shops occur in a diverse range of types and in many different contexts – from strip shopping centres in residential streets through to large, indoor shopping malls. Shopping streets may restrict traffic to pedestrians only. Sometimes a shopping street has a partial or full roof to create a more comfortable shopping environment – protecting customers from various types of weather conditions such as extreme temperatures, winds or precipitation. Forms of non-shop retailing include online retailing (a type of electronic-commerce used for business-to-consumer (B2C) transactions) and mail order.

QOIE is a retail search & discovery platform for information on popular shopping destinations across one’s city and neighbourhood to help make better purchase decisions. It provides online details of retail outlets for offline shopping, catalogued according to product categories. It blends physical and digital to create an ecosystem between the retailers (malls, stores and brands) and consumers across the two worlds for a seamless experience.[1]

Retail comes from the Old French word tailler, which means "to cut off, clip, pare, divide" in terms of tailoring (1365). It was first recorded as a noun with the meaning of a "sale in small quantities" in 1433 (from the Middle French retail, "piece cut off, shred, scrap, paring").[2] As in the French, the word, retail, in both Dutch and German, also refers to the sale of small quantities of items.

A retailer is any person or organisation is a reseller who sells goods or services directly to consumers or end-users. [3] Some retailers may sell to business customers, and such sales are termed non-retail activity. In some jurisdictions or regions, legal definitions of retail specify that at least 80 percent of sales activity must be to end-users. [4]

Retailing often occurs in retail stores or service establishments, but may also occur through direct selling such as through vending machines, door-to-door sales or electronic channels. [5] Although the idea of retail is often associated with the purchase of goods, the term may be applied to service-providers that sell to consumers. Retail service providers include retail banking, tourism, insurance, private healthcare, private education, private security firms, legal firms, publishers, public transport and others. For example, a tourism provider might have a retail division that books travel and accommodation for consumers plus a wholesale division that purchases blocks of accommodation, hospitality, transport and sightseeing which are subsequently packaged into a holiday tour for sale to retail travel agents.

Retail markets have existed since ancient times. Archaeological evidence for trade, probably involving barter systems, dates back more than 10,000 years. As civilizations grew, barter was replaced with retail trade involving coinage. Selling and buying is thought to have emerged in Asia Minor (modern Turkey) in around the 7th millennium BCE.[6] Gharipour points to evidence of primitive shops and trade centres in Sialk Hills in Kashan (6000 BCE), Catalk Huyuk in modern-day Turkey (7,500–5,700 BCE), Jericho (2600 BCE) and Susa (4000 BCE).[7] Open air, public markets were known in ancient Babylonia, Assyria, Phoenicia and Egypt. These markets typically occupied a place in the town's centre. Surrounding the market, skilled artisans, such as metal-workers and leather workers, occupied permanent premises in alleys that led to the open market-place. These artisans may have sold wares directly from their premises, but also prepared goods for sale on market days.[8] In ancient Greece markets operated within the agora, an open space where, on market days, goods were displayed on mats or temporary stalls. In ancient Rome, trade took place in the forum. Rome had two forums; the Forum Romanum and Trajan's Forum. The latter was a vast expanse, comprising multiple buildings with shops on four levels. The Roman forum was arguably the earliest example of a permanent retail shop-front.[9] In antiquity, exchange involved direct selling via merchants or peddlers and bartering systems were commonplace.[10]

The Phoenicians, noted for their seafaring skills, plied their ships across the Mediterranean, becoming a major trading power by the 9th century BCE. The Phoenicians imported and exported wood, textiles, glass and produce such as wine, oil, dried fruit and nuts. Their trading skills necessitated a network of colonies along the Mediterranean coast, stretching from modern day Crete through to Tangiers and onto Sardinia[11] The Phoenicians not only traded in tangible goods, but were also instrumental in transporting culture. The Phoenician's extensive trade networks necessitated considerable book-keeping and correspondence. In around 1500 BCE, the Phoenicians developed a consonantal alphabet which was much easier to learn that the complex scripts used in ancient Egypt and Mesopotamia. Phoenician traders and merchants were largely responsible for spreading their alphabet around the region.[12] Phoenician inscriptions have been found in archaeological sites at a number of former Phoenician cities and colonies around the Mediterranean, such as Byblos (in present-day Lebanon) and Carthage in North Africa.[13]

Grand Bazaar, Istanbul (interior). Established in 1455, it is thought to be the oldest continuously operating covered market

In the Graeco-Roman world, the market primarily served the local peasantry. Local producers, who were generally poor, would sell small surpluses from their individual farming activities, purchase minor farm equipment and also buy a few luxuries for their homes. Major producers such as the great estates were sufficiently attractive for merchants to call directly at their farm-gates, obviating the producers' need to attend local markets. The very wealthy landowners managed their own distribution, which may have involved exporting and importing. The nature of export markets in antiquity is well documented in ancient sources and archaeological case studies.[14] The Romans preferred to purchase goods from specific places: oysters from Londinium, cinnamon from a specific mountain in Arabia, and these place-based preferences stimulated trade throughout Europe and the middle East.[15] Markets were also important centres of social life.[16]

The rise of retailing and marketing in England and Europe has been extensively studied, but less is known about developments elsewhere.[17] Nevertheless, recent research suggests that China exhibited a rich history of early retail systems.[18] From as early as 200 BCE, Chinese packaging and branding was used to signal family, place names and product quality, and the use of government imposed product branding was used between 600 and 900 CE.[19] Eckhart and Bengtsson have argued that during the Song Dynasty (960–1127), Chinese society developed a consumerist culture, where a high level of consumption was attainable for a wide variety of ordinary consumers rather than just the elite.[20] The rise of a consumer culture led to the commercial investment in carefully managed company image, retail signage, symbolic brands, trademark protection and sophisticated brand concepts.[21]

In Medieval England and Europe, relatively few permanent shops were to be found; instead customers walked into the tradesman's workshops where they discussed purchasing options directly with tradesmen. In 13th century London, mercers and haberdashers were known to exist and grocers sold "miscellaneous small wares as well as spices and medicines" but fish and other perishables were sold through markets, costermongers, hucksters, peddlers or other type of itinerant vendor.[22]

In the more populous cities, a small number of shops were beginning to emerge by the 13th century. In Chester, a medieval covered shopping arcade represented a major innovation that attracted shoppers from many miles around. Known as "The Rows" this medieval shopping arcade is believed to be the first of its kind in Europe.[23] Fragments of Chester's Medieval Row, which is believed to date to the mid-13th century, can still be found in Cheshire.[24] In the 13th or 14th century, another arcade with several shops was recorded at Drapery Row in Winchester.[25] The emergence of street names such as Drapery Row,Mercer's Lane and Ironmonger Lane in the medieval period suggests that permanent shops were becoming more commonplace.

A typical 17th century shop, with customers being served through an opening onto the street

Medieval shops had little in common with their modern equivalent. As late as the 16th century, London's shops were described as little more than "rude booths" and their owners "bawled as loudly as the itinerants." [26] Cox and Dannehl suggest that the shopper's experience was very different. Glazed windows, which were rare during the medieval period, and did not become commonplace until the eighteenth century, meant that shop interiors were dark places. Outside the markets, goods were rarely out on display and the service counter was unknown. Shoppers had relatively few opportunities to inspect the merchandise prior to consumption. Many stores had openings onto the street from which they served customers.[27]

Outside the major cities, most consumable purchases were made through markets or fairs. Markets were held daily in the more populous towns and cities or weekly in the more sparsely populated rural districts. Markets sold fresh produce; fruit, vegetables, baked goods, meat, poultry, fish and some ready to eat foodstuffs; while fairs operated on a periodic cycle and were almost always associated with a religious festival.[28] Fairs sold non-perishables such as farm tools, homewares, furniture, rugs and ceramics. Market towns dotted the medieval European landscape while itinerant vendors supplied less populated areas or hard-to-reach districts. Peddlers and other itinerant vendors operated alongside other types of retail for centuries. The political philosopher, John Stuart Mill compared the convenience of markets/fairs to that of the intinerant peddlers:

"The contrivance of fairs and markets was early had recourse to, where consumers and producers might periodically meet, without any intermediate agency; and this plan answers tolerably well for many articles, especially agricultural produce … but were inconvenient to buyers who have other occupations, and do not live in the immediate vicinity … and the wants of the consumers must either be provided for so long beforehand, or must remain so long unsupplied, that even before the resources of society admitted of the establishment of shops, the supply of these wants fell universally into the hands of itinerant dealers: the pedlar, who might appear once a month, being preferred to the fair, which only returned once or twice a year." [29]

A fish market by Joachim Beuckelaer, c. 1568

Blintiff has investigated the early Medieval networks of market towns across Europe, and suggests that by the 12th century there was an upsurge in the number of market towns and the emergence of merchant circuits as traders bulked up surpluses from smaller regional, different day markets and resold them at the larger centralised market towns.[30] Market-places appear to have emerged independently outside Eruope. The Grand Bazaar in Istanbul is often cited as the world's oldest continuously-operating market; its construction began in 1455. The Spanish conquistadors wrote glowingly of markets in the Americas. In the 15th century the Mexica (Aztec) market of Tlatelolco was the largest in all the Americas.[31]

English market towns were regulated from a relatively early period. The English monarchs awarded a charter to local Lords to create markets and fairs for a town or village. This charter would grant the lords the right to take tolls and also afford some protection from rival markets. For example, once a chartered market was granted for specific market days, a nearby rival market could not open on the same days.[32] Across the boroughs of England, a network of chartered markets sprang up between the 12th and 16th centuries, giving consumers reasonable choice in the markets they preferred to patronise.[33] A study on the purchasing habits of the monks and other individuals in medieval England, suggests that consumers of the period were relatively discerning. Purchase decisions were based on purchase criteria such as consumers' perceptions of the range, quality, and price of goods. This informed decisions about where to make their purchases and which markets were superior.[34] Today, traders and showmen jealously guard the reputation of these historic market charters.

Braudel and Reynold have made a systematic study of these European market towns between the thirteenth and fifteenth century. Their investigation shows that in regional districts markets were held once or twice a week while daily markets were common in larger cities. Gradually over time, permanent shops with regular trading days began to supplant the periodic markets, while peddlers filled in the gaps in distribution. The physical market was characterised by transactional exchange and the economy was characterised by local trading. Braudel reports that, in 1600, goods travelled relatively short distances – grain 5–10 miles; cattle 40–70 miles; wool and wollen cloth 20–40 miles. Following the European age of discovery, goods were imported from afar – calico cloth from India, porcelain, silk and tea from China, spices from India and South-East Asia and tobacco, sugar, rum and coffee from the New World.[35]

English essayist, Joseph Addison, writing in 1711, described the exotic origin of produce available to English society in the following terms:

"Our Ships are laden with the Harvest of every Climate: Our Tables are stored with Spices, and Oils, and Wines: Our Rooms are filled with Pyramids of China, and adorned with the Workmanship of Japan: Our Morning's Draught comes to us from the remotest Corners of the Earth: We repair our Bodies by the Drugs of America, and repose ourselves under Indian Canopies. My Friend Sir ANDREW calls the Vineyards of France our Gardens; the Spice-Islands our Hot-beds; the Persians our Silk-Weavers, and the Chinese our Potters. Nature indeed furnishes us with the bare Necessaries of Life, but Traffick gives us greater Variety of what is Useful, and at the same time supplies us with every thing that is Convenient and Ornamental." [36]

Luca Clerici has made a detailed study of Vicenza’s food market during the sixteenth century. He found that there were many different types of reseller operating out of the markets. For example, in the dairy trade, cheese and butter was sold by the members of two craft guilds (i.e., cheesemongers who were shopkeepers) and that of the so-called ‘resellers’ (hucksters selling a wide range of foodstuffs), and by other sellers who were not enrolled in any guild. Cheesemongers’ shops were situated at the town hall and were very lucrative. Resellers and direct sellers increased the number of sellers, thus increasing competition, to the benefit of consumers. Direct sellers, who brought produce from the surrounding countryside, sold their wares through the central market place and priced their goods at considerably lower rates than cheesemongers.[37]

The retail service counter was an innovation of the eighteenth century

By the 17th century, permanent shops with more regular trading hours were beginning to supplant markets and fairs as the main retail outlet. Provincial shopkeepers were active in almost every English market town. These shopkeepers sold general merchandise, much like a contemporary convenience store or a general store. For example, William Allen, a mercer in Tamworth who died in 1604, sold spices alongside furs and fabrics.[38] William Stout of Lancaster retailed sugar, tobacco, nails and prunes at both his shop and at the central markets. His autobiography reveals that he spent most of his time preparing products for sale at the central market, which brought an influx of customers into town.[39]

As the number of shops grew, they underwent a transformation. The trappings of a modern shop, which had been entirely absent from the sixteenth and early seventeenth century store, gradually made way for store interiors that are more familiar to modern shoppers. Prior to the eighteenth century, the typical retail store had no counter, display cases, chairs, mirrors, changing-rooms, etc. However, the opportunity for the customer to browse merchandise, touch and feel products began to be available, with retail innovations from the late 17th and early 18th centuries.[40]

Josiah Wedgewood was one of the English entrepreneurs who held expansive displays in his private home or in rented premises

Outside the major metropolitan cities, few stores could afford to serve one type of clientele exclusively. However, gradually retail shops introduced innovations that would allow them to separate wealthier customers from the "riff raff." One technique was to have a window opening out onto the street from which customers could be served. This allowed the sale of goods to the common people, without encouraging them to come inside. Another solution, that came into vogue from the late sixteenth century was to invite favoured customers into a back-room of the store, where goods were permanently on display. Yet another technique that emerged around the same time was to hold a showcase of goods in the shopkeeper's private home for the benefit of wealthier clients. Samuel Pepys, for example, writing in 1660, describes being invited to the home of a retailer to view a wooden jack.[41] The eighteenth century English entrepreneurs, Josiah Wedgewood and Matthew Boulton, both staged expansive showcases of their wares in their private residences or in rented halls.[42]

Savitt has argued that by the eighteenth century, American merchants, who had been operating as importers and exporters, began to specialise in either wholesale or retail roles. They tended not to specialise in particular types of merchandise, often trading as general merchants, selling a diverse range of product types. These merchants were concentrated in the larger cities. They often provided high levels of credit financing for retail transactions.[43]

The Piccadilly entrance to the Burlington Arcade in 1827–28

By the late eighteenth century, grand shopping arcades began to emerge across Europe and in the Antipodes. A shopping arcade refers to a multiple-vendor space, operating under a covered roof. Typically, the roof was constructed of glass to allow for natural light and to reduce the need for candles or electric lighting. The architect, Bertrand Lemoine, described the period, 1786 to 1935, as l’Ère des passages couverts (the Arcade Era).[44] Designed to attract the genteel middle class, retailers sold luxury goods at relatively high prices. However, prices were never a deterrent, as these new arcades came to be the place to shop and to be seen. Arcades offered shoppers the promise of an enclosed space away from the chaos that characterised the noisy and dirty streets; a warm, dry space away from the elements, and a safe-haven where people could socialise and spend their leisure time. As thousands of glass covered arcades spread across Europe, they became grander and more ornately decorated. By the mid nineteenth century, they had become prominent centres of fashion and social life. Promenading in these arcades became a popular nineteenth century pass-time for the emerging middle classes. The Illustrated Guide to Paris of 1852 summarized the appeal of arcades in the following description:

"In speaking of the inner boulevards, we have made mention again and again of the arcades which open onto them. These arcades, a recent invention of industrial luxury, are glass-roofed, marble-paneled corridors extending through whole blocks of buildings, whose owners have joined together for such enterprises. Lining both sides of these corridors, which get their light from above, are the most elegant shops, so that the arcade is a city, a world in miniature, in which customers will find everything they need." [45]

The Palais-Royal in Paris, which opened to the public in 1784 and became one of the most important marketplaces in Paris, is generally regarded as the earliest example in the grand shopping arcades.[46] The Palais-Royal was a complex of gardens, shops and entertainment venues situated on the external perimeter of the grounds, under the original colonnades. The area boasted some 145 boutiques, cafés, salons, hair salons, bookshops, museums, and numerous refreshment kiosks as well as two theatres. The retail outlets specialised in luxury goods such as fine jewelry, furs, paintings and furniture designed to appeal to the wealthy elite. Retailers operating out of the Palais complex were among the first in Europe to abandon the system of bartering, and adopt fixed-prices thereby sparing their clientele the hassle of bartering. Stores were fitted with long glass exterior windows which allowed the emerging middle-classes to window shop and indulge in fantasies, even when they may not have been able to afford the high retail prices. Thus, the Palais-Royal became one of the first examples of a new style of shopping arcade, frequented by both the aristocracy and the middle classes. It developed a reputation as being a site of sophisticated conversation, revolving around the salons, cafés, and bookshops, but also became a place frequented by off-duty soldiers and was a favorite haunt of prostitutes, many of whom rented apartments in the building.[47] London's Burlington Arcade, which opened in 1819, positioned itself as an elegant and exclusive venue from the outset.[48] Other notable nineteenth century grand arcades include the Galeries Royales Saint-Hubert in Brussels which was inaugurated in 1847, Istanbul's Çiçek Pasajı opened in 1870 and Milan's Galleria Vittorio Emanuele II first opened in 1877. Shopping arcades were the precursor to the modern shopping mall.

The original Toad Lane Store, Rochdale, Manchester; one of Britain's earliest co-operative stores

While the arcades were the province of the bourgeoisie, a new type of retail venture emerged to serve the needs of the working poor. John Stuart Mill wrote about the rise of the co-operative retail store, which he witnessed first-hand in the mid-nineteenth century. Stuart Mill locates these co-operative stores as part of a broader co-operative movement which was prominent in the industrial city of Manchester and in the counties of Yorkshire and Lancashire. He documents one of the early co-operative retail stores in Rochdale in Manchester, England, "In 1853, the Store purchased for £745, a warehouse (freehold) on the opposite side of the street, where they keep and retail their stores of flour, butcher's meat, potatoes, and kindred articles." Stuart Mill also quoted a contemporary commentator who wrote of the benefits of the co-operative store:

"Buyer and seller meet as friends; there is no overreaching on one side, and no suspicion on the other … These crowds of humble working men, who never knew before when they put good food in their mouths, whose every dinner was adulterated, whose shoes let in the water a month too soon, whose waistcoats shone with devil's dust, and whose wives wore calico that would not wash, now buy in the markets like millionaires, and as far as pureness of food goes, live like lords." [49]

Department stores, such as Le Bon Marché of France, appeared from the mid nineteenth century

The modern era of retailing is defined as the period from the industrial revolution to the 21st century.[50] In major cities, the department store emerged in the mid to late 19th century, and permanently reshaped shopping habits, and redefined concepts of service and luxury. The term, "department store" originated in America. In 19th century England, these stores were known as emporia or warehouse shops.[51] A number of major department stores opened across the USA, Britain and Europe from the mid nineteenth century including; Harrod's of London in 1834; Kendall's in Manchester in 1836; Selfridges of London in 1909; Macy's of New York in 1858; Bloomingdale's in 1861; Sak's in 1867; J.C. Penney in 1902; Le Bon Marché of France in 1852 and Galeries Lafayette of France in 1905. Other twentieth century innovations in retailing included chain stores, mail-order, multi-level marketing (pyramid selling or network marketing, c. 1920s), party plans (c. 1930s) and B2Ce-commerce (cyber-peddling).[52]

Many of the early department stores were more than just a retail emporium; rather they were venues where shoppers could spend their leisure time and be entertained. Some department stores offered reading rooms, art galleries and concerts. Most department stores had tea-rooms or dining rooms and offered treatment areas where ladies could indulge in a manicure. The fashion show, which originated in the US in around 1907, became a staple feature event for many department stores and celebrity appearances were also used to great effect. Themed events featured wares from foreign shores, exposing shoppers to the exotic cultures of the Orient and Middle-East.[53]

In 1963, Carrefour opened the first hypermarket in St Genevieve-de-Bois, near Paris,

Retail, using mail order, came of age during the mid-19th century. Although catalogue sales had been used since the 15th century, this method of retailing was confined to a few industries such as the sale of books and seeds. However, improvements in transport and postal services, led several entrepreneurs on either side of the Atlantic to experiment with catalogue sales. In 1861, Welsh draper Pryce Pryce-Jones sent catalogues to clients who could place orders for flannel clothing which was then despatched by post. This enabled Pryce-Jones to extend his client base across Europe.[55] A decade later, the US retailer, Montgomery Ward also devised a catalog sales and mail-order system. His first catalog which was issued in August 1872 consisted of an 8 in × 12 in (20 cm × 30 cm) single-sheet price list, listing 163 items for sale with ordering instructions for which Ward had written the copy. He also devised the catch-phrase "satisfaction guaranteed or your money back" which was implemented in 1875.[56] By the 1890s, Sears and Roebuck were also using mail order with great success.

Edward Filene, a proponent of the scientific approach to retail management, developed the concept of the automatic bargain Basement. Although Filene's basement was not the first ‘bargain basement’ in the U.S., the principles of ‘automatic mark-downs’ generated excitement and proved very profitable. Under Filene's plan, merchandise had to be sold within 30 days or it was marked down; after a further 12 days, the merchandise was further reduced by 25% and if still unsold after another 18 days, a further markdown of 25% was applied. If the merchandise remained unsold after two months, it was given to charity.[57] Filene was a pioneer in employee relations. He instituted a profit sharing program, a minimum wage for women, a 40-hour work week, health clinics and paid vacations. He also played an important role in encouraging the Filene Cooperative Association, "perhaps the earliest American company union". Through this channel he engaged constructively with his employees in collective bargaining and arbitration processes.[58]

Shopping mall in Warsaw, Poland

Throughout the twentieth century, a trend towards larger store footprints became discernible. The average size of a U.S. supermarket grew from 31,000 square feet (2,900 m2) square feet in 1991 to 44,000 square feet (4,100 m2) square feet in 2000. In 1963, Carrefour opened the first hypermarket in St Genevieve-de-Bois, near Paris, France.[59] By the end of the twentieth century, stores were using labels such as "mega-stores" and "warehouse" stores to reflect their growing size. In Australia, for example, the popular hardware chain, Bunnings has shifted from smaller "home centres" (retail floor space under 5,000 square metres (54,000 sq ft)) to "warehouse" stores (retail floor space between 5,000 square metres (54,000 sq ft) and 21,000 square metres (230,000 sq ft)) in order to accommodate a wider range of goods and in response to population growth and changing consumer preferences.[60] The upward trend of increasing retail space was not consistent across nations, and led in the early 21st century to a 2-fold difference in square footage per capita between the United States and Europe.[61]

As the 21st century takes shape, some indications suggest that large retail stores have come under increasing pressure from online sales models and that reductions in store size are evident.[62] Under such competition and other issues such as business debt[63], there has been a noted business disruption called the retail apocalypse in recent years which several retail businesses, especially in North America, are sharply reducing their number of stores, or going out of business entirely.

The distinction between "strategic" and "managerial" decision-making is commonly used to distinguish "two phases having different goals and based on different conceptual tools. Strategic planning concerns the choice of policies aiming at improving the competitive position of the firm, taking account of challenges and opportunities proposed by the competitive environment. On the other hand, managerial decision-making is focused on the implementation of specific targets." [64]

In retailing, the strategic plan is designed to set out the vision and provide guidance for retail decision-makers and provide an outline of how the product and service mix will optimize customer satisfaction. As part of the strategic planning process, it is customary for strategic planners to carry out a detailed environmental scan which seeks to identify trends and opportunities in the competitive environment, market environment, economic environment and statutory-political environment. The retail strategy is normally devised or reviewed every 3– 5 years by the chief executive officer.

The strategic retail analysis typically includes following elements:[65]

The retailer also considers the overall strategic position and retail image

Sales per square foot, stock-turnover rates, profitability per product line

* Review of distribution channels

Lead-times between placing order and delivery, cost of distribution, cost efficiency of intermediaries

* Evaluation of the economics of the strategy

Cost-benefit analysis of planned activities

At the conclusion of the retail analysis, the retail marketers should have a clear idea of which groups of customers are to be the target of marketing activities. Research studies suggest that there is a strong relationship between a store's positioning and the socio-economic status of customers.[66] In addition, the retail strategy, including service quality, has a significant and positive association with customer loyalty.[67] A marketing strategy effectively outlines all key aspects of firms' targeted audience, demographics, preferences. In a highly competitive market, the retail strategy sets up long-term sustainability. It focuses on customer relationships, stressing the importance of added value, customer satisfaction and highlights how the store's market positioning appeals to targeted groups of customers. [68]

Once the strategic plan is in place, retail managers turn to the more managerial aspects of planning. A retail mix is devised for the purpose of coordinating day-to-day tactical decisions. The retail marketing mix typically consists of six broad decision layers including product decisions, place decisions, promotion, price, personnel and presentation (also known as physical evidence).[69] The retail mix is loosely based on the marketing mix, but has been expanded and modified in line with the unique needs of the retail context. A number of scholars have argued for the modified marketing mix with the inclusion of two new Ps, namely, Personnel and Presentation should be added to the marketing mix since these contribute to the customer's unique retail experience and are the principal basis for retail differentiation. Yet other scholars argue that the Retail Format (i.e. retail formula) should be included.[70] The modified retail marketing mix that is most commonly cited in text-books is often called the 6 Ps of retailing (see diagram at right).[71][72]

The primary product-related decisions facing the retailer are the product assortment (what product lines, how many lines and which brands to carry); the type of customer service (high contact through to self-service) and the availability of support services (e.g. credit terms, delivery services, after sales care). These decisions depend on careful analysis of the market, demand, competition as well as the retailer's skills and expertise.

A typical supermarket carries an assortment of between 30,000 and 60,000 different products

The term product assortment refers to the combination of both product breadth and depth. The main characteristics of a company's product assortment are:[73]

(1) the length or number of products lines

the number of different products carried by a store

(2) the breadth

refers to the variety of product lines that a store offers. It is also known as product assortment width, merchandise breadth, and product line width.:

(3) depth or number of product varieties within a product line

the number of each item or particular styles carried by a store

(4) consistency

how products relate to each other in a retail environment.

For a retailer, finding the right balance between breadth and depth can be a key to success. An average supermarket might carry 30,000–60,000 different product lines (product length or assortment), but might carry up to 100 different types of toothpaste (product depth).[74] Specialty retailers typically carry fewer product lines, perhaps as few as 20 lines, but will normally stock greater depth. Costco, for example, carries 5,000 different lines while Aldi carries just 1,400 lines per store.[75]

Discount grocery retailer, Aldi, has successfully trimmed the number of product lines it carries to about 1,400

Large assortments offer consumers many benefits, notably increased choice and the possibility that the consumer will be able to locate the ideal product. However, for the retailer, larger assortments incur costs in terms of record-keeping, managing inventory, pricing and risks associated with wastage due to spoiled, shopworn or unsold stock. Carrying more stock also exposes the retailer to higher risks in terms of slow-moving stock and lower sales per square foot of store space. On the other hand, reducing the number of product lines can generate cost savings through increased stock turnover by eliminating slow-moving lines, fewer stockouts, increased bargaining power with suppliers, reduced costs associated with wastage and carrying inventory, and higher sales per square foot which means more efficient space utilisation.

When determining the number of product lines to carry, the retailer must consider the store type, store's physical storage capacity, the perishability of items, expected turnover rates for each line and the customer's needs and expectations.

Customer service is the "sum of acts and elements that allow consumers to receive what they need or desire from [the] retail establishment." It is important for a sales associate to greet the customer and make himself available to help the customer find whatever he needs. Retailers must decide whether to provide a full service outlet or minimal service outlet, such as no-service in the case of vending machines; self-service with only basic sales assistance or a full service operation as in many boutiques and specialty stores. In addition, the retailer needs to make decisions about sales support such as customer delivery and after sales customer care.

Retailing services may also include the provision of credit, delivery services, advisory services, exchange/ return services, product demonstration, special orders, customer loyalty programs, limited-scale trial, advisory services and a range of other supporting services. Retail stores often seek to differentiate along customer service lines. For example, some department stores offer the services of a stylist; a fashion advisor, to assist customers selecting a fashionable wardrobe for the forthcoming season, while smaller boutiques may allow regular customers to take goods home on approval, enabling the customer to try out goods before making the final purchase. The variety of supporting services offered is known as the service type. At one end of the spectrum, self-service operators offer few basic support services. At the other end of the spectrum, full-service operators offer a broad range of highly personalised customer services to augment the retail experience.[76]

When making decisions about customer service, the retailer must balance the customer's desire for full-service against the customer's willingness to pay for the cost of delivering supporting services. Self-service is a very cost efficient way of delivering services since the retailer harnesses the customers labour power to carry out many of the retail tasks. However, many customers appreciate full service and are willing to pay a premium for the benefits of full-service.[77]

A sales assistant's role typically includes greeting customers, providing product and service-related information, providing advice about products available from current stock, answering customer questions, finalising customer transactions and if necessary, providing follow-up service necessary to ensure customer satisfaction.[78] For retail store owners, it is extremely important to train personnel with the requisite skills necessary to deliver excellent customer service. Such skills may include product knowledge, inventory management, handling cash and credit transactions, handling product exchange and returns, dealing with difficult customers and of course, a detailed knowledge of store policies. The provision of excellent customer service creates more opportunities to build enduring customer relationships with the potential to turn customers into sources of referral or retail advocates. In the long term, excellent customer service provides businesses with an ongoing reputation and may lead to a competitive advantage. Customer service is essential for several reasons.[79] Firstly, customer service contributes to the customer's overall retail experience. Secondly, evidence suggests that a retail organization which trains its employees in appropriate customer service benefits more than those who do not. Customer service training entails instructing personnel in the methods of servicing the customer that will benefit corporations and businesses. It is important to establish a bond amongst customers-employees known as Customer relationship management.[80]

Counter service is associated with full service retail outlets and allows the salesperson to provide expert advice

There are several ways the retailer can deliver services to consumers:

Counter service, where goods are out of reach of buyers and must be obtained from the seller. This type of retail is common for small expensive items (e.g. jewellery) and controlled items like medicine and liquor. It was common before the 1900s in the United States and is more common in certain countries like India.[which?]

Click and Commute, where products are ordered online and are picked up via a drive through.

Ship to Store, where products are ordered online and can be picked up at the retailer's main store

Delivery, where goods are shipped directly to consumer's homes or workplaces.

Mail order from a printed catalog was invented in 1744 and was common in the late 19th and early 20th centuries. Ordering by telephone was common in the 20th century, either from a catalog, newspaper, television advertisement or a local restaurant menu, for immediate service (especially for pizza delivery), remaining in common use for food orders. Internet shopping – a form of delivery – has eclipsed phone-ordering, and, in several sectors – such as books and music – all other forms of buying. There is increasing competitor pressure to deliver consumer goods – especially those offered online – in a more timely fashion. Large online retailers such as Amazon.com are continually innovating and as of 2015 offer one-hour delivery in certain areas. They are also working with drone technology to provide consumers with more efficient delivery options. Direct marketing, including telemarketing and television shopping channels, are also used to generate telephone orders. started gaining significant market share in developed countries in the 2000s.

Door-to-door sales, where the salesperson sometimes travels with the goods for sale.

Self-service, where goods may be handled and examined prior to purchase.

Digital delivery or Download, where intangible goods, such as music, film, and electronic books and subscriptions to magazines, are delivered directly to the consumer in the form of information transmitted either over wires or air-waves, and is reconstituted by a device which the consumer controls (such as an MP3 player; see digital rights management). The digital sale of models for 3D printing also fits here, as do the media leasing types of services, such as streaming.

Retail stores are typically located where market opportunities are optimal – high traffic areas, central business districts. Selecting the right site can be a major success factor. When evaluating potential sites, retailers often carry out a trade area analysis; a detailed analysis designed to approximate the potential patronage area. Techniques used in trade area analysis include: Radial (ring) studies; Gravity models and Drive time analyses.[81]

In addition, retailers may consider a range of both qualitative and quantitative factors to evaluate to potential sites under consideration:

A major retail trend has been the shift to multi-channel retailing. To counter the disruption caused by online retail, many bricks and mortar retailers have entered the online retail space, by setting up online catalogue sales and e-commerce websites. However, many retailers have noticed that consumers behave differently when shopping online. For instance, in terms of choice of online platforom, shoppers tend to choose the online site of their preferred retailer initially, but as they gain more experience in online shopping, they become less loyal and more likely to switch to other retail sites. [82]

The broad pricing strategy is normally established in the company's overall strategic plan. In the case of chain stores, the pricing strategy would be set by head office. Broadly, there are six approaches to pricing strategy mentioned in the marketing literature:

Operations-oriented pricing: where the objective is to optimise productive capacity, to achieve operational efficiencies or to match supply and demand through varying prices. In some cases, prices might be set to de-market.[83]

Revenue-oriented pricing: (also known as profit-oriented pricing or cost-based pricing) – where the marketer seeks to maximise the profits (i.e., the surplus income over costs) or simply to cover costs and break even.[83]

Customer-oriented pricing: where the objective is to maximise the number of customers; encourage cross-selling opportunities or to recognise different levels in the customer's ability to pay.[83]

Value-based pricing: (also known as image-based pricing) occurs where the company uses prices to signal market value or associates price with the desired value position in the mind of the buyer. The aim of value-based pricing is to reinforce the overall positioning strategy e.g. premium pricing posture to pursue or maintain a luxury image.[84][85]

Socially-oriented pricing: Where the objective is to encourage or discourage specific social attitudes and behaviours. e.g. high tariffs on tobacco to discourage smoking.[87]

The pricing technique used by most retailers is cost-plus pricing. This involves adding a markup amount (or percentage) to the retailer's cost. Another common technique is suggested retail pricing. This simply involves charging the amount suggested by the manufacturer and usually printed on the product by the manufacturer.

When decision-makers have determined the broad approach to pricing (i.e., the pricing strategy), they turn their attention to pricing tactics. Tactical pricing decisions are shorter term prices, designed to accomplish specific short-term goals. The tactical approach to pricing may vary from time to time, depending on a range of internal considerations (e.g. the need to clear surplus inventory) or external factors (e.g. a response to competitive pricing tactics). Accordingly, a number of different pricing tactics may be employed in the course of a single planning period or across a single year. Typically store managers have the necessary latitude to vary prices on individual lines provided that they operate within the parameters of the overall strategic approach.

Retailers must also plan for customer preferred payment modes – e.g., cash, credit, lay-by, Electronic Funds Transfer at Point-of-Sale (EFTPOS). All payment options require some type of handling and attract costs. If credit is to be offered, then credit terms will need to be determined. If lay-by is offered, then the retailer will need to take into account the storage and handling requirements. If cash is the dominant mode of payment, the retailer will need to consider small change requirements, the number of cash floats required, wages costs associated with handling large volumes of cash and the provision of secure storage for change floats. Large retailers, handling significant volumes of cash, may need to hire security service firms to carry the day's takings and deliver supplies of small change. A small, but increasing number of retailers are beginning to accept newer modes of payment including PayPal and Bitcoin.[88] For example, Subway (US) recently announced that it would accept Bitcoin payments.[89]

Everyday low prices refers to the practice of maintaining a regular low price-low price – in which consumers are not forced to wait for discounting or specials. This method is extensively used by supermarkets.[91]

High-low pricing

High-low pricing refers to the practice of offering goods at a high price for a period of time, followed by offering the same goods at a low price for a predetermined time. This practice is widely used by chain stores selling homewares. The main disadvantage of the high-low tactic is that consumers tend to become aware of the price cycles and time their purchases to coincide with a low-price cycle.[92][93]

Loss leader

A loss leader is a product that has a price set below the operating margin. Loss leadering is widely used in supermarkets and budget-priced retail outlets where it is intended to generate store traffic. The low price is widely promoted and the store is prepared to take a small loss on an individual item, with an expectation that it will recoup that loss when customers purchase other higher priced-higher margin items. In service industries, loss leadering may refer to the practice of charging a reduced price on the first order as an inducement and with anticipation of charging higher prices on subsequent orders.

Xbox price bundle price

Price bundling

Price bundling (also known as product bundling) occurs where two or more products or services are priced as a package with a single price. There are several types of bundles: pure bundles where the goods can only be purchased as package or mixed bundles where the goods can be purchased individually or as a package. The prices of the bundle is typically less than when the two items are purchased separately.[94] Price bundling is extensively used in the personal care sector to prices cosmetics and skincare.

Price lining

Price lining is the use of a limited number of prices for all product offered by a business. Price lining is a tradition started in the old five and dime stores in which everything cost either 5 or 10 cents. In price lining, the price remains constant but quality or extent of product or service adjusted to reflect changes in cost. The underlying rationale of this tactic is that these amounts are seen as suitable price points for a whole range of products by prospective customers. It has the advantage of ease of administering, but the disadvantage of inflexibility, particularly in times of inflation or unstable prices. Price lining continues to be widely used in department stores where customers often note racks of garments or accessories priced at predetermined price points e.g. separate racks of men's ties, where each rack is priced at $10, $20 and $40.

Promotional pricing

Promotional pricing is a temporary measure that involves setting prices at levels lower than normally charged for a good or service. Promotional pricing is sometimes a reaction to unforeseen circumstances, as when a downturn in demand leaves a company with excess stocks; or when competitive activity is making inroads into market share or profits.[95]

Extensive use of the terminal digit 'nine' suggests that psychological pricing is at play

Psychological pricing

Psychological pricing is a range of tactics designed to have a positive psychological impact. Price tags using the terminal digit "9", ($9.99, $19.99 or $199.99) can be used to signal price points and bring an item in at just under the consumer's reservation price. Psychological pricing is widely used in a variety of retail settings.[96]

Because patronage at a retail outlet varies, flexibility in scheduling is desirable. Employee scheduling software is sold, which, using known patterns of customer patronage, more or less reliably predicts the need for staffing for various functions at times of the year, day of the month or week, and time of day. Usually needs vary widely. Conforming staff utilization to staffing needs requires a flexible workforce which is available when needed but does not have to be paid when they are not, part-timeworkers; as of 2012 70% of retail workers in the United States were part-time. This may result in financial problems for the workers, who while they are required to be available at all times if their work hours are to be maximized, may not have sufficient income to meet their family and other obligations.[97]

One of the most well-known cross-selling sales scripts comes from McDonald's. "Would you like fries with that?"

Retailers can employ different techniques to enhance sales volume and to improve the customer experience:

Add-on, Upsell or Cross-sell.

Upselling and cross selling are sometimes known as suggestive selling. When the consumer has selected their main purchase, sales assistants can try to sell the customer on a premium brand or higher quality item (up-selling) or can suggest complementary purchases (cross-selling). For instance, if a customer purchases a non-stick frypan, the sales assistant might suggest plastic slicers that do not damage the non-stick surface.

Selling on value

Skilled sales assistants find ways to focus on value rather than price. Selling on value often involves identifying a product’s unique features. Adding value to goods or services such as a free gift or buy 1 get 1 free adds value to customers where as the store is gaining sales [98]

Know when to close the sale

Sales staff must learn to recognise when the customer is ready to make a purchase. If the sales person feels that the customer is ready, then they may seek to gain commitment and close the sale. Experienced sales staff soon learn to recognise specific verbal and non-verbal cues that signal the client's readiness to buy. For instance, if a customer begins to handle the merchandise, this may indicate a state of buyer interest. Clients also tend to employ different types of questions throughout the sales process. General questions such as, "Does it come in any other colours (or styles)?" indicate only a moderate level of interest. However, when clients begin to ask specific questions, such as "Do you have this model in black?" then this often indicates that the prospect is approaching readiness to buy.[99] When the sales person believes that the prospective buyer is ready to make the purchase, a trial close might be used to test the waters. A trial close is simply any attempt to confirm the buyer's interest in finalising the sale. An example of a trial close, is "Would you be requiring our team to install the unit for you?" or "Would you be available to take delivery next Thursday?" If the sales person is unsure about the prospect's readiness to buy, they might consider using a 'trial close.' The salesperson can use several different techniques to close the sale; including the ‘alternative close’, the ‘assumptive close’, the ‘summary close’, or the ‘special-offer close’, among others.

One of the unique aspects of retail promotions is that two brands are often involved; the store brand and the brands that make up the retailer's product range. Retail promotions that focus on the store tend to be ‘image’ oriented, raising awareness of the store and creating a positive attitude towards the store and its services. Retail promotions that focus on the product range, are designed to cultivate a positive attitude to the brands stocked by the store, in order to indirectly encourage favourable attitudes towards the store itself.[100] Some retail advertising and promotion is partially or wholly funded by brands and this is known as co-operative (or co-op) advertising.[101]

Retailers make extensive use of advertising via newspapers, television and radio to encourage store preference. In order to up-sell or cross-sell, retailers also use a variety of in-store sales promotional techniques such as product demonstrations, samples, point-of-purchase displays, free trial, events, promotional packaging and promotional pricing. In grocery retail, shelf wobblers, trolley advertisements, taste tests and recipe cards are also used. Many retailers also use loyalty programs to encourage repeat patronage.

The environment in which the retail service encounter occurs is sometimes known as the retail servicescape.[102] The store environment consists of many elements such as smells, the physical environment (furnishings, layout and functionality), ambient conditions (lighting, temperature, noise) as well as signs, symbols and artifacts (e.g. sales promotions, shelf space, sample stations, visual communications). Collectively, these elements contribute to the perceived retail servicescape or the overall atmosphere and can influence both the customer's cognitions, emotions and their behaviour within the retail space.

Retail designers pay close attention to the front of the store, which is known as the decompression zone.[103] This is usually an open space in the entrance of the store to allow customers to adjust to their new environment. An open-plan floor design is effective in retail as it allows customers to see everything. In terms of the store's exterior, the side of the road cars normally travel, determines the way stores direct customers. New Zealand retail stores, for instance, would direct customers to the left.

In order to maximise the number of selling opportunities, retailers generally want customers to spend more time in a retail store. However, this must be balanced against customer expectations surrounding convenience, access and realistic waiting times. The overall aim of designing a retail environment is to have customers enter the store, and explore the totality of the physical environment engaging in a variety of retail experiences – from browsing through to sampling and ultimately to purchasing. The retail service environment plays an important role in affecting the customer's perceptions of the retail experience.[104]

The retail environment not only affects quality perceptions, but can also impact on the way that customers navigate their way through the retail space during the retail service encounter. Layout, directional signage, the placement of furniture, shelves and display space along with the store's ambient conditions all affect patron's passage through the retail service system. Layout refers to how equipment, shelves and other furnishings are placed and the relationship between them. In a retail setting, accessibility is an important aspect of layout. For example, the grid layout used by supermarkets with long aisles and gondolas at the end displaying premium merchandise or promotional items, minimises the time customers spend in the environment and makes productive use of available space.[105] The gondola, so favoured by supermarkets, is an example of a retail design feature known as a merchandise outpost and which refers to special displays, typically at or near the end of an aisle, whose purpose is to stimulate impulse purchasing or to complement other products in the vicinity. For example, the meat cabinet at the supermarket might use a merchandise outpost to suggest a range of marinades or spice rubs to complement particular cuts of meat. As a generalisation, merchandise outposts are updated regularly so that they maintain a sense of novelty.[106]

According to Ziethaml et al., layout affects how easy or difficult it is to navigate through a system. Signs and symbols provide cues for directional navigation and also inform about appropriate behaviour within a store. Functionality refers to extent to which the equipment and layout meet the goals of the customer.[107] For instance, in the case of supermarkets, the customer's goal may be to minimise the amount of time spent finding items and waiting at the check-out, while a customer in a retail mall may wish to spend more time exploring the range of stores and merchandise. With respect to functionality of layout, retail designers consider three key issues; circulation – design for traffic-flow and that encourages customers to traverse the entire store; coordination – design that combines goods and spaces in order to suggest customer needs and convenience – design that arranges items to create a degree of comfort and access for both customers and employees.[108]

The way that brands are displayed is also part of the overall retail design. Where a product is placed on the shelves has implications for purchase likelihood as a result of visibility and access. Products placed too high or too low on the shelves may not turn over as quickly as those placed at eye level.[109] With respect to access, store designers are increasingly giving consideration to access for disabled and elderly customers.

Navigational floor signs are commonly used in complex environments such as shopping malls and department stores

Through sensory stimulation retailers can engage maximum emotional impact between a brand and its consumers by relating to both profiles; the goal and experience. Purchasing behavior can be influenced through the physical evidence detected by the senses of touch, smell, sight, taste and sound.[110] Supermarkets offer taste testers to heighten the sensory experience of brands. Coffee shops allow the aroma of coffee to waft into streets so that passers-by can appreciate the smell and perhaps be lured inside. Clothing garments are placed at arms' reach, allowing customers to feel the different textures of clothing.[110] Retailers understand that when customers interact with products or handle the merchandise, they are more likely to make a purchase.

Within the retail environment, different spaces may be designed for different purposes. Hard floors, such as wooden floors, used in public areas, contrast with carpeted fitting rooms, which are designed to create a sense of homeliness when trying on garments. Peter Alexander, retailer of sleep ware, is renowned for using scented candles in retail stores.

Ambient conditions, such as lighting, temperature and music, are also part of the overall retail environment.[111] It is common for a retail store to play music that relates to their target market. Studies have found that "positively valenced music will stimulate more thoughts and feeling than negatively valenced music", hence, positively valenced music will make the waiting time feel longer to the customer than negatively valenced music.[112] In a retail store, for example, changing the background music to a quicker tempo may influence the consumer to move through the space at a quicker pace, thereby improving traffic flow.[113] Evidence also suggests that playing music reduces the negative effects of waiting since it serves as a distraction.[114] Jewellery stores like Michael Hill have dim lighting with a view to fostering a sense of intimacy.

The design of a retail store is critical when appealing to the intended market, as this is where first impressions are made. The overall servicescape can influence a consumer’s perception of the quality of the store, communicating value in visual and symbolic ways. Certain techniques are used to create a consumer brand experience, which in the long run drives store loyalty.[115]

Two different strands of research have investigated shopper behaviour. One strand is primarily concerned with shopper motivations. Another stream of research seeks to segment shoppers according to common, shared characteristics. To some extent, these streams of research are inter-related, but each stream offers different types of insights into shopper behaviour.

People who shop for pleasure are known as recreational shoppers. The recreational shopper has its origins in the grand European shopping arcades. Pictured: The gentry in a Dutch lace shop in the 17th century

Babin et al. carried out some of the earliest investigations into shopper motivations and identified two broad motives: utilitarian and hedonic. Utilitarian motivations are task-related and rational. For the shopper with utilitarian motives, purchasing is a work-related task that is to be accomplished in the most efficient and expedient manner. On the other hand, hedonic motives refer to pleasure. The shopper with hedonic motivations views shopping as a form of escapism where they are free to indulge fantasy and freedom. Hedonic shoppers are more involved in the shopping experience.[116]

Many different shopper profiles can be identified. Retailers develop customised segmentation analyses for each unique outlet. However, it is possible to identify a number of broad shopper profiles. One of the most well-known and widely cited shopper typologies is that developed by Sproles and Kendal in the mid-1980s.[117][118][119] Sproles and Kendall's consumer typology has been shown to be relatively consistent across time and across cultures.[120][121] Their typology is based on the consumer's approach to making purchase decisions.[122]

Quality conscious/Perfectionist: Quality-consciousness is characterised by a consumer’s search for the very best quality in products; quality conscious consumers tend to shop systematically making more comparisons and shopping around.

Brand-conscious: Brand-consciousness is characterised by a tendency to buy expensive, well-known brands or designer labels. Those who score high on brand-consciousness tend to believe that the higher prices are an indicator of quality and exhibit a preference for department stores or top-tier retail outlets.

Recreation-conscious/ Hedonistic: Recreational shopping is characterised by the consumer’s engagement in the purchase process. Those who score high on recreation-consciousness regard shopping itself as a form of enjoyment.

Price-conscious: A consumer who exhibits price-and-value consciousness. Price-conscious shoppers carefully shop around seeking lower prices, sales or discounts and are motivated by obtaining the best value for money

Novelty/fashion-conscious: characterised by a consumer’s tendency to seek out new products or new experiences for the sake of excitement; who gain excitement from seeking new things; they like to keep up-to-date with fashions and trends, variety-seeking is associated with this dimension.

Impulsive: Impulsive consumers are somewhat careless in making purchase decisions, buy on the spur of the moment and are not overly concerned with expenditure levels or obtaining value. Those who score high on impulsive dimensions tend not to be engaged with the object at either a cognitive or emotional level.

Confused (by over-choice): characterised by a consumer’s confusion caused by too many product choices, too many stores or an overload of product information; tend to experience information overload.

Habitual / brand loyal: characterised by a consumer’s tendency to follow a routine purchase pattern on each purchase occasion; consumers have favourite brands or stores and have formed habits in choosing; the purchase decision does not involve much evaluation or shopping around.

Some researchers have adapted Sproles and Kendall's methodology for use in specific countries or cultural groups.[123] Consumer decision styles are important for retailers and marketers because they describe behaviours that are relatively stable over time and for this reason, they are useful for market segmentation.

The retail format (also known as the retail formula) influences the consumer's store choice and addresses the consumer’s expectations. At its most basic level, a retail format is a simple marketplace, that is; a location where goods and services are exchanged. In some parts of the world, the retail sector is still dominated by small family-run stores, but large retail chains are increasingly dominating the sector, because they can exert considerable buying power and pass on the savings in the form of lower prices. Many of these large retail chains also produce their own private labels which compete alongside manufacturer brands. Considerable consolidation of retail stores has changed the retail landscape, transferring power away from wholesalers and into the hands of the large retail chains.[124]

In Britain and Europe, the retail sale of goods is designated as a service activity. The European Service Directive applies to all retail trade including periodic markets, street traders and peddlers.

Grocery stores, including supermarkets and hypermarkets, along with convenience stores carry a mix of food products and consumable household items such as detergents, cleansers, personal hygiene products. Consumer consumables are collectively known as fast-moving-consumer goods (FMCG) and represent the lines most often carried by supermarkets, grocers and convenience stores. For consumers, these are regular purchases and for the retailer, these products represent high turnover product lines. Grocery stores and convenience stores carry similar lines, but a convenience store is often open at times that suit its clientele and may be located for ease of access.

Hardline retailers

Retailers selling consumer durables are sometimes known as hardline retailers[127] – automobiles, appliances, electronics, furniture, sporting goods, lumber, etc., and parts for them. Goods that do not quickly wear out and provide utility over time. For the consumer, these items often represent major purchase decisions. Consumers purchase durables over longer purchase decision cycles. For instance, the typical consumer might replace their family car every 5 years, and their home computer every 4 years.

A shopping arcade refers to a group of retail outlets operating under a covered walkway. Arcades are similar to shopping malls, although they typically comprise a smaller number of outlets. Shopping arcades were the evolutionary precursor to the shopping mall, and were very fashionable in the late nineteenth century. Stylish men and women would promenade around the arcade, stopping to window shop, making purchases and also taking light refreshments in one of the arcade's tea-rooms. Arcades offered fashionable men and women opportunities to 'be seen' and to socialise in a relatively safe environment. Arcades continue to exist as a distinct type of retail outlet. Historic nineteenth century arcades have become popular tourist attracations in cities around the world. Amusement arcades, also known as penny arcades in the US, are more modern incarnation of the eighteenth and nineteenth century shopping arcade.

Bazaar

Marks & Spencer Original Penny Bazaar, Yorkshire 2013

The term, 'bazaar' can have multiple meanings. It may refer to a Middle-Eastern market place while a 'penny bazaar' refers to a retail outlet that specialises in inexpensive or discounted merchandise. In the United States a bazaar can mean a "rummage sale" which describes a charity fundraising event held by a churche or other community organization and in which either donated used goods are made available for sale.

Boutique

A Boutique is a small store offering a select range of fashionable goods or accessories. The term, 'boutique', in retail and services, appears to be taking on a broader meaning with popular references to retail goods and retail services such as boutique hotels, boutique beers (i.e. craft beers), boutique investments etc.[128] [[File:Inside a new Officeworks store.jpg|thumb|Australia's Officeworks is a category killer, retailing everything for the home office or small commercial office – stationery, furniture, electronics, communications devices, copying, printing and photography services, coffee, tea and light snacks]]

Category killer

By supplying a wide assortment in a single category for lower prices a category killer retailer can "kill" that category for other retailers.[129] A category killer is a specialist store that dominates a given category. Toys "R" Us, established in 1957, is thought to be the first category killer, dominating the children's toys and games market.[130] For a few categories, such as electronics, home hardware, office supplies and children's toys, the products are displayed at the centre of the store and a sales person will be available to address customer queries and give suggestions when required. Rival retail stores are forced to reduce their prices if a category killer enters the market in a given geographic area. Examples of category killers include Toys "R" Us and Australia's Bunnings (hardware, DIY and outdoor supplies) and Officeworks (stationery and supplies for the home office and small office). Some category killers redefine the category. For example, Australia's Bunnings began as a hardware outlet, but now supplies a broad range of goods for the home handyman or small tradesman, including kitchen cabinetry, craft supplies, gardening needs and outdoor furniture. Similarly Officeworks straddles the boundary between stationery supplies, office furniture and digital communications devices in its quest to provide for all the needs of the retail consumer and the small, home office.

The Apple concept store in San Francisco immerses consumers in the Apple user experience with 6K Video Wall, user stations, free wi-fi, tech desk and more

Chain store

Chain store is one of a series of stores owned by the same company and selling the same or similar merchandise.[131] Chain stores aim to benefit from volume buying discounts and achieve cost savings through economies of scope (e.g. centralised warehousing, marketing, promotion and administration) and pass on the cost savings in the form of lower prices.

Concept store

Concept stores are similar to specialty stores in that they are very small in size, and only stock a limited range of brands or a single brand. They are typically operated by the brand that controls them. Example: L'OCCITANE en Provence. The limited size and offering of L'OCCITANE's stores is too small to be considered a specialty store. However, a concept store goes beyond merely selling products, and instead offers an immersive customer experience built around the way that a brand fits with the customer's lifestyle.[132] Examples include Apple's concept stores, Kit Kat's concept store in Japan.

Co-operative store

A co-operative store; also known as a co-op or coop, is a venture owned and operated by consumers to meet their social, economic and cultural needs.[133]

Convenience store

A convenience store provides limited amount of merchandise at above average prices with a speedy checkout. This store is ideal for emergency and immediate purchase consumables as it often operates with extended hours, stocking every day.[134]

A department store has multiple floors and multiple spaces and is said to be an 'elaborate' servicescape'

Department store

Department stores are very large stores offering an extensive assortment of both "soft" and "hard" goods which often bear a resemblance to a collection of specialty stores. A retailer of such store carries a variety of categories and has a broad assortment of goods at moderate prices. They offer considerable customer service.[135]

Destination store

A destination store is one that customers will initiate a trip specifically to visit, sometimes over a large area. These stores are often used to "anchor" a shopping mall or plaza, generating foot traffic, which is capitalized upon by smaller retailers.[136]

Discount stores tend to offer a wide array of products and services, but they compete mainly on price. They offer extensive assortments of merchandise at prices lower than other retailers and are designed to be affordable for the market served. In the past, retailers sold less fashion-oriented brands. However, in more recent years companies such as TJX Companies (Own T.J. Maxx and Marshalls) and Ross Stores are discount store operations increasingly offering fashion-oriented brands on a larger scale.[137]

E-tailer

The customer can shop and order through the internet and the merchandise is dropped at the customer's doorstep or an e-tailer. In some cases, e-retailers use drop shipping technique. They accept the payment for the product but the customer receives the product directly from the manufacturer or a wholesaler. This format is ideal for customers who do not want to travel to retail stores and are interested in home shopping.[138]

General Store at Scarsdale, Victoria, Australia

General merchandise retailer

A general merchandise retailer stocks a variety of products in considerable depth. The types of product offerings vary across this category. Department stores, convenience stores, hypermarkets and warehouse clubs are all examples of general merchandise retailers. [139]

Hawkers

Hawkers also known as a peddler, costermonger or street vendor; is a vendor of merchandise that is readily portable. Hawkers typically operate in public places such as streets, squares, public parks or gardens or near the entrances of high traffic venues such as zoos, music and entertainment venues.[140] Hawkers are a relatively common sight across Asia.

Hypermarkets

A hypermarket (also known as hypermart) provides variety and huge volumes of exclusive merchandise at low margins. The operating cost is comparatively less than other retail formats; may be defined as "a combined supermarket and discount store, at least 200,000 square feet (19,000 m2) or larger, that sells a wide variety of food and general merchandise at a low price." [141]

General store

A general store is a store that supplies the main needs of the local community and is often located in outback or rural areas with low population densities. In areas of very low population density, a general store may be the only retail outlet within hundreds of miles. The general store carries a very broad product assortment – from foodstuffs and pharmaceuticals through to hardware and fuel. In addition, a general store may provide essential services such as postal services, banking services, news agency services and may also act as an agent for farm equipment and stock-food suppliers.[142]

A shopping mall in Helsinki

Mall

A shopping mall has a range of retail shops at a single outlet. Retail outlets can include food and entertainment, grocery, electronics and fashion located under one roof. Malls provide 7% of retail revenue in India, 10% in Vietnam, 25% in China, 28% in Indonesia, 39% in the Philippines, and 45% in Thailand.[143] Malls are typically managed by a central management/ marketing authority which ensures that the mall attracts the right type of retailer and an appropriate retail mix.

Mom-and-Pop store

A small retail outlet owned and operated by an individual or family. Focuses on a relatively limited and selective set of products.

Pop-up retail store

A Pop-up retail store is a temporary retail space that opens for a short period of time, possibly opening to sell a specific run of merchandise or for a special occasion or holiday period. The key to the success of a pop-up is novelty in the merchandise.[144]

Retail market

retail market is defined as the retail sales of all products, packed and unpacked where the sale is to end users.[145] Globally, different terms may be used to refer to a retail market. For instance, in the Middle East, a market place may be known as a bazaar or souq/souk

A market square is a city square where traders set up stalls and buyers browse the stores. This kind of market is very ancient, and countless such markets are still in operation around the whole world.

A store in India specialises in a single product; walnuts

Specialty store

A specialty (BE: speciality) store has a narrow marketing focus – either specializing on specific merchandise, such as toys, footwear, or clothing, or on a target audience, such as children, tourists, or plus-size women.[146] Size of store varies – some specialty stores might be retail giants such as Toys "R" Us, Foot Locker, and The Body Shop, while others might be small, individual shops such as Nutters of Savile Row.[146] Such stores, regardless of size, tend to have a greater depth of the specialist stock than general stores, and generally offer specialist product knowledge valued by the consumer. Pricing is usually not the priority when consumers are deciding upon a specialty store; factors such as branding image, selection choice, and purchasing assistance are seen as important.[146] They differ from department stores and supermarkets which carry a wide range of merchandise.[147]

A supermarket is a self-service store consisting mainly of grocery and limited products on non-food items.[148] They may adopt a Hi-Lo or an EDLP strategy for pricing. The supermarkets can be anywhere between 20,000 square feet (1,900 m2) and 40,000 square feet (3,700 m2). Example: SPAR supermarket.

Variety store

Variety stores offer extremely low-cost goods, with a vast array of selection. The downfall to this is that the items are not very high quality.[149]

A vending machine is an automated piece of equipment wherein customers can drop the money in the machine which dispenses the customer's selection. The vending machine is a pure self-service option. Machines may carry a phone number which customers can call in the event of a fault.[150]

Some stores take a no frills approach, while others are "mid-range" or "high end", depending on what income level they target.

Warehouse club

Warehouse clubs are membership-based retailers that usually sell a wide variety of merchandise, in which customers may buy large, wholesale quantities of the store's products, which makes these clubs attractive to both bargain hunters and small business owners. The clubs are able to keep prices low due to the no-frills format of the stores. In addition, customers may be required to pay annual membership fees in order to shop.[151]

Warehouse store

Warehouse stores are retailers housed in warehouses, and offer low-cost, often high-quantity goods with minimal services, e.g. goods are piled on pallets or steel shelves.[152]

Some shops sell second-hand goods. In the case of a nonprofit shop, the public donates goods to the shop to be sold. In give-away shops goods can be taken free.

Pawnbrokers Another form is the pawnshop, in which goods are sold that were used as collateral for loans. There are also "consignment" shops, which are where a person can place an item in a store and if it sells, the person gives the shop owner a percentage of the sale price. The advantage of selling an item this way is that the established shop gives the item exposure to more potential buyers. E-tailers like OLX and Quikr also offer second-hand goods.

Retailers can opt for a format as each provides different retail mix to its customers based on their customer demographics, lifestyle and purchase behaviour. A good format will lend a hand to display products well and entice the target customers to spawn sales.

Retail stores may or may not have competitors close enough to affect their pricing, product availability, and other operations. A 2006 survey found that only 38% of retail stores in India believed they faced more than slight competition.[155] Competition also affected less than half of retail stores in Kazakhstan, Bulgaria, and Azerbaijan. In all countries the main competition was domestic, not foreign.[156]

The United States retail sector features the largest number of large, lucrative retailers in the world. A 2012 Deloitte report published in STORES magazine indicated that of the world's top 250 largest retailers by retail sales revenue in fiscal year 2010, 32% of those retailers were based in the United States, and those 32% accounted for 41% of the total retail sales revenue of the top 250.[159]

U.S. Monthly Retail Sales, 1992–2010

Since 1951, the U.S. Census Bureau has published the Retail Sales report every month. It is a measure of consumer spending, an important indicator of the US GDP. Retail firms provide data on the dollar value of their retail sales and inventories. A sample of 12,000 firms is included in the final survey and 5,000 in the advanced one. The advanced estimated data is based on a subsample from the US CB complete retail & food services sample.[160]

In 2011, the grocery market in six countries of Central Europe was worth nearly €107bn, 2.8% more than the previous year when expressed in local currencies. The increase was generated foremost by the discount stores and supermarket segments, and was driven by the skyrocketing prices of foodstuffs. This information is based on the latest PMR report entitled Grocery retail in Central Europe 2012[161]

National accounts show a combined total of retail and wholesale trade, with hotels and restaurants. in 2012 the sector provides over a fifth of GDP in tourist-oriented island economies, as well as in other major countries such as Brazil, Pakistan, Russia, and Spain. In all four of the latter countries, this fraction is an increase over 1970, but there are other countries where the sector has declined since 1970, sometimes in absolute terms, where other sectors have replaced its role in the economy. In the United States the sector has declined from 19% of GDP to 14%, though it has risen in absolute terms from $4,500 to $7,400 per capita per year. In China the sector has grown from 7.3% to 11.5%, and in India even more, from 8.4% to 18.7%. Emarketer predicts China will have the largest retail market in the world in 2016.[162]

Among retailers and retails chains a lot of consolidation has appeared over the last couple of decades. Between 1988 and 2010, worldwide 40,788 mergers & acquisitions with a total known value of 2.255 trillion USD have been announced.[164] The largest transactions with involvement of retailers in/from the United States have been: the acquisition of Albertson's Inc. for 17 bil. USD in 2006,[165] the merger between Federated Department Stores Inc with May Department Stores valued at 16.5 bil. USD in 2005[166] – now Macy's, and the merger between Kmart Holding Corp and Sears Roebuck & Co with a value of 10.9 bil. USD in 2004.[167]

William Thomas Rawleigh -founder of Rawleigh's company with one of the largest travelling sales teams in the United States

Harry Gordon Selfridge – founder of UK Selfridges; redefined shopping away from essential errand to a pleasurable activity; was noted for introducing a touch of theatre and celebrity appearances to department stores; also wrote the book, The Romance of Commerce published in 1918.

Walter Dill Scott – psychologist and author; wrote a number of books on the psychology of selling in the early twentieth century

Thomas J. Watson -salesman at NCR and CEO of IBM; often described as the "greatest American salesman"

^Gharipour, M., "The Culture and Politics of Commerce," in The Bazaar in the Islamic City: Design, Culture, and History, Mohammad Gharipour (ed.), New York, The American University in Cairo Press, 2012 p. 3

^Shaw, Eric H. (2016). "2: Ancient and medieval marketing". In Jones, D.G. Brian; Tadajewski, Mark. The Routledge Companion to Marketing History. Routledge Companions. London: Routledge. p. 24. ISBN9781134688685. Retrieved 2017-01-03. Perhaps the only substantiated type of retail marketing practice that evolved from Neolithic times to the present was the itinerant tradesman (also known as peddler, packman or chapman). These forerunners of travelling salesmen roamed from village to village bartering stone axes in exchange for salt or other goods (Dixon, 1975).

^See for example: Daly, Michael (2000-07-23). "King writes off publishers". New York Daily News. NYDailyNews.com. OCLC9541172. Retrieved 2017-01-04. King's latest novel, "The Plant," will not be available here or any other bookstore. You will only be able to get it starting tomorrow in the paperless realm of cyberspace, at www.stephenking.com. [...]Six months ago, [Stephen] King made $450,000 cyberpeddling a short story.

^Yu-Jia, H. (2012). The Moderating Effect of Brand Equity and the Mediating Effect of Marketing Mix Strategy On the Relationship Between Service Quality and Customer Loyalty. International Journal or Organizational Innovation, 155-162.

^Berens, J.S., "The Marketing Mix, the Retailing Mix and the Use of Retail Strategy Continua," Proceedings of the 1983 Academy of Marketing Science (AMS), [Part of the series Developments in Marketing Science], pp. 323–27

^The names cited in this section are based on the names of retailers cited in Tsang, D., Kazeroony, H.H. and Ellis, G., The Routledge Companion to International Management Education, Oxon, Routledge, 2013, pp. 119–20

Hollander, S.C., "Who and What are Important in Retailing and Marketing History: A Basis for Discussion," in S.C. Hollander and R. Savitt (eds) First North American Workshop on Historical Research in Marketing, Lansing, MI: Michigan State University, 1983, pp. 35–40.

1.
Retail (comic strip)
–
Retail is a syndicated comic strip distributed by King Features Syndicate. It is authored and illustrated by Norm Feuti and it made its newspaper debut on January 1,2006, and then gained quickly in popularity following articles in The New York Times and TIME Magazine. The strip is set in a department store called Grumbels. Grumbels provides an array of goods, customers have been shown shopping for anything from garden equipment and electronics to clothing. Given the wide variety of products available through Grumbels it more resembles a Sears than other types of retail stores. However, the name Grumbels is a parody of life department store Gimbels. It also suggests the word grumble, besides being in a generic, suburban mall the location of Grumbels was initially kept ambiguous. Grumbels has been operating at least since the mid-1900s and was founded by the fictional J. P. Grumbel, January 10,2010, it was revealed that this Grumbels store is located in New England. First Appearance, January 1,2006 Marla, a woman in her late 30s, is originally Grumbels assistant manager, now store manager. She is good at her job and cited as a reasonable manager, while the daily strips plots often deal with her discouragement, Marla maintains an optimistic attitude and often mentions a dream of opening her own small store or boutique. She vents her frustration by writing a retail manifesto railing against the idiocies of customers and management and she is currently making plans to start her own retail business, but is determined to keep this secret at work for fear of being fired by the management. Marla and her fiance Scott were married in June 2011 and their first child, a daughter named Fionna Jane Garrison was born on April 9,2012. Marla was promoted to manager after Stuart accepted a promotion to district manager in 2012. First Appearance, January 1,2006 Cooper works in Grumbels stockroom and is the stores clown and his attitude made him a regular antagonist to Stuart while Stuart was store manager, and later to Josh when Josh was promoted to assistant manager. He is constantly frustrated by bad policies and customers, and regularly lashes out at the store by goofing off during his work hours and playing practical jokes. He is often the one most directly affected by retail management policies such as the lack of employer health-care programs, in recent strips, he was nearly fired as a cost-cutting measure but was able to stay on when Lunker offered to cut his hours in half. To make ends meet, he worked part-time as an attendant at a gas station mini-mart, in July 2013, Cooper is promoted to stockroom supervisor, a position that comes with full-time hours, a raised salary, and benefits. As part of his new duties, Cooper does initial interviews for a new stockroom employee and he has built a small lounge on the roof of the Grumbels out of old patio furniture dubbed Coopers Lounge and also spends time constructing Box Art out of empty cardboard boxes

2.
Macy's Herald Square
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Macys Herald Square, originally known as the R. H. Macy and Company Store, is the flagship of Macys department stores, located on Herald Square in Manhattan, New York City. The buildings 2.2 million square feet has made it the second largest department store. As of 2016, the store has stood at the site for 115 years, the building was added to the National Register of Historic Places as a National Historic Landmark in 1978. They all failed, but he learned from his mistakes and he moved to New York City in 1858 and established a new store named R. H Macy Dry Goods at Sixth Avenue on the corner of 14th Street. On the companys first day of business on October 28,1858, sales totaled $11.08, equivalent to $306.15 today. From the very beginning, Macys logo has included a star in one form or another, the store later moved to 18th Street and Broadway, on the Ladies Mile, the elite shopping district of the time, where it remained for nearly forty years. In 1875, Macy took on two partners, Robert M. Valentine, a nephew, and Abiel T, La Forge of Wisconsin, who was the husband of a cousin. Macy died just two later in 1877 from Brights disease, The following year La Forge died and Valentine died in 1879. Robert H. Macys ignored the tactic, and simply built around the building and that building earned the name Million Dollar Corner when it was finally sold for a then record $1,000,000 on December 6,1911. The original Broadway store, designed by architects De Lemos & Cordes and it has a Palladian facade, but has been updated in many details. The store boasts several wooden escalators still in operation, in 2012, Macy’s began the first full renovation of the iconic Herald Square flagship store at a reported cost of $400 million. Studio V Architecture, a New York-based firm, was the master plan architect of the project. The firms design raised controversy over the nature of contemporary design, as part of the deal, the retail group agreed to introduce policies to ensure all customers were treated equally regardless of race or ethnicity. Every year, Macys is noted for its elaborate animated holiday and Christmas window displays in many locations across the U. S. each year presents a different theme shown in six windows on the Broadway side of the building. Each window includes animated displays with complex scenery, attracting people to view them. The windows are designed, fabricated and animated by Standard Transmission Productions, located in Red Hook. The exhibit was titled Art Under Glass and was viewable to the public during the summer of 2007 through that years fashion week

3.
New York City
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The City of New York, often called New York City or simply New York, is the most populous city in the United States. With an estimated 2015 population of 8,550,405 distributed over an area of about 302.6 square miles. Located at the tip of the state of New York. Home to the headquarters of the United Nations, New York is an important center for international diplomacy and has described as the cultural and financial capital of the world. Situated on one of the worlds largest natural harbors, New York City consists of five boroughs, the five boroughs – Brooklyn, Queens, Manhattan, The Bronx, and Staten Island – were consolidated into a single city in 1898. In 2013, the MSA produced a gross metropolitan product of nearly US$1.39 trillion, in 2012, the CSA generated a GMP of over US$1.55 trillion. NYCs MSA and CSA GDP are higher than all but 11 and 12 countries, New York City traces its origin to its 1624 founding in Lower Manhattan as a trading post by colonists of the Dutch Republic and was named New Amsterdam in 1626. The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, New York served as the capital of the United States from 1785 until 1790. It has been the countrys largest city since 1790, the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a symbol of the United States and its democracy. In the 21st century, New York has emerged as a node of creativity and entrepreneurship, social tolerance. Several sources have ranked New York the most photographed city in the world, the names of many of the citys bridges, tapered skyscrapers, and parks are known around the world. Manhattans real estate market is among the most expensive in the world, Manhattans Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is one of the most extensive metro systems worldwide, with 472 stations in operation. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, and Rockefeller University, during the Wisconsinan glaciation, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth. The ice sheet scraped away large amounts of soil, leaving the bedrock that serves as the foundation for much of New York City today. Later on, movement of the ice sheet would contribute to the separation of what are now Long Island and Staten Island. The first documented visit by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown and he claimed the area for France and named it Nouvelle Angoulême. Heavy ice kept him from further exploration, and he returned to Spain in August and he proceeded to sail up what the Dutch would name the North River, named first by Hudson as the Mauritius after Maurice, Prince of Orange

4.
Marketing
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Marketing is the study and management of exchange relationships. Marketing is used to create the customer, to keep the customer, with the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. Other services and management activities such as Operations, Human Resources, Accounting, Law, the term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. The Chartered Institute of Marketing defines marketing as the management process responsible for identifying, anticipating and satisfying customer requirements profitably, a similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value. Marketing practice tended to be seen as an industry in the past. The overall process starts with marketing research and goes through market segmentation, business planning and execution, ending with pre and it is also related to many of the creative arts. The marketing literature is also adept at re-inventing itself and its vocabulary according to the times, the term marketing concept pertains to the fundamental premise of modern marketing. This concept proposes that in order to satisfy its organizational objectives, Marketing and marketing concepts are directly related. An orientation, in the context, relates to a perception or attitude a firm holds towards its product or service. There exist several common orientations, A firm employing a product orientation is chiefly concerned with the quality of its own product, a firm would also assume that as long as its product was of a high standard, people would buy and consume the product. A firm using a sales orientation focuses primarily on the selling/promotion of a particular product, consequently, this entails simply selling an already existing product, and using promotion techniques to attain the highest sales possible. Such an orientation may suit scenarios in which a firm holds dead stock, or otherwise sells a product that is in high demand, a firm focusing on a production orientation specializes in producing as much as possible of a given product or service. Thus, this signifies a firm exploiting economies of scale, until the minimum efficient scale is reached, a production orientation may be deployed when a high demand for a product or service exists, coupled with a good certainty that consumer tastes do not rapidly alter. The marketing orientation is perhaps the most common used in contemporary marketing. It involves a firm essentially basing its marketing plans around the marketing concept, the marketing orientation often has three prime facets, which are, A firm in the market economy can survive by producing goods that persons are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firms future viability, in this sense, a firms marketing department is often seen as of prime importance within the functional level of an organization. Information from a marketing department would be used to guide the actions of other departments within the firm. As an example, a department could ascertain that consumers desired a new type of product

5.
Marketing management
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Marketing management employs various tools from economics and competitive strategy to analyze the industry context in which the firm operates. These include Porters five forces, analysis of groups of competitors, value chain analysis. Depending on the industry, the context may also be important to examine in detail. In competitor analysis, marketers build detailed profiles of each competitor in the market, focusing especially on their relative competitive strengths, Marketing management often finds it necessary to invest in research to collect the data required to perform accurate marketing analysis. As such, they often conduct research and marketing research to obtain this information. A brand audit is an examination of a brands current position in an industry compared to its competitors. When it comes to brand auditing, five questions should be examined and assessed. A brand audit establishes the strategic elements needed to improve brand position, a brand audit examines whether a business’ share of the market is increasing, decreasing, or stable. It determines if the margin of profit is improving, decreasing. Additionally, a brand audit investigates trends in a business’ net profits, the return on existing investments and it determines whether or not the business’ entire financial strength and credit rating is improving or getting worse. This kind of audit also assesses a business’ image and reputation with its customers, a brand audit usually focuses on a business’ strengths and resource capabilities because these are the elements that enhance its competitiveness. A business’ competitive strengths can exist in several forms, the basic concept of a brand audit is to determine whether a business’ resource strengths are competitive assets or competitive liabilities. This type of audit seeks to ensure that a business maintains a distinctive competence that allows it to build, a commonly cited definition of marketing is simply meeting needs profitably. In some cases, the firm may go so far as to turn away customers who are not in its target segment. In conjunction with targeting decisions, marketing managers will identify the desired positioning they want the company, product and this positioning is often an encapsulation of a key benefit the companys product or service offers that is differentiated and superior to the benefits offered by competitive products. Ideally, a firms positioning can be maintained over a period of time because the company possesses, or can develop. The positioning should also be relevant to the target segment such that it will drive the purchasing behavior of target customers. The selected strategy may aim for any of a variety of objectives, including optimizing short-term unit margins, revenue growth, market share, long-term profitability

6.
Pricing
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Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the businesss marketing plan. Pricing is an aspect of financial modeling and is one of the four Ps of the marketing mix. Price is the revenue generating element amongst the four Ps. However, the other Ps of marketing will contribute to decreasing price elasticity and so enable price increases to drive greater revenue, automated systems require more setup and maintenance but may prevent pricing errors. The needs of the consumer can be converted into demand only if the consumer has the willingness, thus, pricing is the most important concept in the field of marketing, it is used as a tactical decision in response to comparing market situations. Where manufacturing is expensive, distribution is exclusive, and the product is supported by advertising and promotional campaigns. Price can act as a substitute for product quality, effective promotions, from the marketers point of view, an efficient price is a price that is very close to the maximum that customers are prepared to pay. In economic terms, it is a price that shifts most of the economic surplus to the producer. A good pricing strategy would be the one which could balance between the floor and the price ceiling. Marketers develop an overall pricing strategy that is consistent with the organisations mission and this pricing strategy typically becomes part of the companys overall long -term strategic plan. The strategy is designed to provide guidance to price-setters and ensures that the pricing strategy is consistent with other elements of the marketing plan. In some cases, prices might be set to de-market, revenue-oriented pricing, - where the marketer seeks to maximise the profits or simply to cover costs and break even. For example, dynamic pricing (also known as yield management is a form of revenue oriented pricing, customer-oriented pricing, where the objective is to maximise the number of customers, encourage cross-selling opportunities or to recognise different levels in the customers ability to pay. Value-based pricing, occurs where the company uses prices to market value or associates price with the desired value position in the mind of the buyer. The aim of value-based pricing is to reinforce the overall positioning strategy e. g. premium pricing posture to pursue or maintain a luxury image, relationship-oriented pricing, where the marketer sets prices in order to build or maintain relationships with existing or potential customers. Socially-oriented pricing, Where the objective is to encourage or discourage specific social attitudes, E. g. high tarrifs on tobacco to discourage smoking. When decision-makers have determined the broad approach to pricing, they turn their attention to pricing tactics, tactical pricing decisions are shorter term prices, designed to accomplish specific short-term goals. The tactical approach to pricing may vary from time to time, accordingly, a number of different pricing tactics may be employed in the course of a single planning period or across a single year

7.
Service (economics)
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In economics, a service is a transaction in which no physical goods is transferred from the seller to the buyer. The benefits of such a service are held to be demonstrated by the willingness to make the exchange. Public services are those that society as a whole pays for, using resources, skill, ingenuity, and experience, service providers benefit service consumers. Services can be described in terms of their key characteristics, sometimes called the Five Is of Services and they are not manufactured, transported or stocked. Services cannot be stored for a future use and they are produced and consumed simultaneously. Services are perishable in two regards, Service-relevant resources, processes and systems are assigned for delivery during a specific period in time. If the service consumer does not request and consume the service during this period, from the perspective of the service provider, this is a lost business opportunity if no other use for those resources is available. Examples, A hairdresser serves another client, an empty seat on an airplane cannot be filled after departure. When the service has been rendered to the consumer, this particular service irreversibly vanishes. Example, a passenger has been transported to the destination and the flight is over, the service provider must deliver the service at the time of service consumption. The service is not manifested in an object that is independent of the provider. The service consumer is also inseparable from service delivery, examples, The service consumer must sit in the hairdressers chair, or in the airplane seat. Correspondingly, the hairdresser or the pilot must be in the shop or plane, respectively, many services are regarded as heterogeneous and are typically modified for each service consumer or each service context. Another and more common term for this is heterogeneity, both service provider and service consumer participate in the service provision. Mass generation and delivery of services must be mastered for a provider to expand. This can be seen as a problem of service quality, both inputs and outputs to the processes involved providing services are highly variable, as are the relationships between these processes, making it difficult to maintain consistent service quality. Many services involve variable human activity, rather than a precisely determined process, the human factor is often the key success factor in service provision. Demand can vary by season, time of day, business cycle, consistency is necessary to create enduring business relationships

8.
Brand management
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In marketing, brand management is the analysis and planning on how that brand is perceived in the market. Developing a good relationship with the market is essential for brand management. Tangible elements of management include the product itself, look, price. The intangible elements are the experience that the consumer has had with the brand, a brand manager would oversee all of these things. In 2004 and 2008, Kapferer and Keller respectively defined it as a fulfillment in customer expectations, brand management is a function of marketing that uses special techniques in order to increase the perceived value of a product. Brand management is the process of identifying the core value of a particular brand, in modern terms, brand could be corporate, product, service, or person. Brand management build brand credibility and credible brands only can build brand loyalty, bounce back from circumstantial crisis, the origin of branding can be traced to ancient times, when specialists often put individual trademarks on hand-crafted goods. The branding of animals in Egypt in 2700 BC to avoid theft may be considered the earliest form of branding. As somewhat more than half of older than 200 years old are in Japan. In the West, Staffelter Hof dates to 862 or earlier, by 1266, English bakers were required by law to put a specific symbol on each product they sold. Branding became more used in the 19th century, through the industrial revolution. Branding is a way of differentiating product from mere commodities, and therefore usage of branding expanded with each advance in transportation, communication, the modern discipline of brand management is considered to have been started by a famous memo at Procter & Gamble by Neil H. McElroy. Interbrands 2012 top-10 global brands are Coca-Cola, Apple, IBM, Google, Microsoft, GE, McDonalds, Intel, Samsung, for this reason, industries such as agricultural, student loans, and electricity have less prominent and less recognized branding. Brand value, moreover, is not simply a feeling of consumer appeal. Companies will rigorously defend their brand name, including prosecution of trademark infringement, occasionally trademarks may differ across countries. Among the most highly visible and recognizable brands is the red Coca-Cola can, despite numerous blind tests indicating that Cokes flavor is not preferred, Coca-Cola continues to enjoy a dominant share of the cola market. Brand management science is replete with stories, including the Chevrolet Nova or it doesnt go in Spanish. Modern brand management also intersects with legal issues such as genericization of trademark, the Xerox Company continues to fight heavily in media whenever a reporter or other writer uses xerox as simply a synonym for photocopy

9.
Corporate identity
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A corporate identity or corporate image is the manner which a corporation, firm or business presents themselves to the public, such as customers and investors as well as employees. It is a task of the corporate communications department to maintain and build this identity to accord with. It is typically visually manifested by way of branding and the use of trademarks, but also includes things like product design, advertising, public relations and the like. In general, this amounts to a title, logo. These guidelines govern how the identity is applied and would include approved colour palettes, typefaces, page layouts, Corporate identity is the set of multi-sensory elements that marketers employ to communicate a visual statement about the brand to consumers. Corporate Identity is either weak or strong, to understand this concept, consonance, in the context of marketing, is a unified message offered to consumers from all fronts of the organisation. In the context of corporate identity, consonance is the alignment of all touch points, for example, Apple has strong brand consonance because at every point at which the consumer interacts with the brand, a consistent message is conveyed. This is seen in Apple TV advertisements, the Apple Store design, the presentation of customer facing Apple employees. Strong brand consonance is imperative to achieving strong corporate identity, strong consonance, and in turn, strong corporate identity can be achieved through the implementation and integration of integrated marketing communications. IMC is a collective of concepts and communications processes that seek to establish clarity, to appreciate this idea with heavier mental weight it is important to regard the different levels of IMC integration. These sources include personal sales, advertising, sales promotion, direct marketing, public relations, packaging, the stake holders concerned at this stage are consumers, local communities, media and interest groups. At the second stage of IMC integration Duncan and Moriarty establish that level one integration departments still have decision making power but are now guided by marketing level message sources and it should also be noted that it is at this stage of integration that consumers interact with the organisation. The stake holders at this level of IMC integration are employees, investors, financial community, government, at the final stages of IMC integration, IMC decisions are made not only by corporate level departments but also by departments classed in stages one and two. It is the inclusion of all organisational departments by which a horizontal, by unifying all fronts of the marketing firm, communications are synchronised to achieve consistency, consonance and ultimately strong corporate identity. It includes shared perceptions of reality, ways-to-do-things, etc. in todays highly competitive market, brands need to have a clear differentiation or reason for being. What they represent needs to stand apart from others in order to be noticed, make an impression, brands need to connect to what people care about out in the world. To build demand, they need to understand and fulfil the needs, to assure credibility with their audiences, brands must be coherent in what they say and do. All the messages, all the communications, all the brand experiences

10.
Advertising
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Advertising is an audio or visual form of marketing communication that employs an openly sponsored, nonpersonal message to promote or sell a product, service or idea. Sponsors of advertising are often businesses who wish to promote their products or services, Advertising is differentiated from public relations in that an advertiser usually pays for and has control over the message. It is differentiated from personal selling in that the message is nonpersonal, the actual presentation of the message in a medium is referred to as an advertisement or ad. Commercial ads often seek to generate increased consumption of their products or services through branding, on the other hand, ads that intend to elicit an immediate sale are known as direct response advertising. Non-commercial advertisers who spend money to advertise items other than a product or service include political parties, interest groups, religious organizations. Non-profit organizations may use free modes of persuasion, such as a service announcement. Advertising may also be used to reassure employees or shareholders that a company is viable or successful, in 2015, the world spent an estimate of US$592.43 billion on advertising. Its projected distribution for 2017 is 40. 4% on TV,33. 3% on digital, internationally, the largest advertising conglomerates are Interpublic, Omnicom, Publicis, and WPP. In Latin, ad vertere means to turn toward, egyptians used papyrus to make sales messages and wall posters. Commercial messages and political campaign displays have been found in the ruins of Pompeii, lost and found advertising on papyrus was common in ancient Greece and ancient Rome. Wall or rock painting for commercial advertising is another manifestation of an ancient advertising form, which is present to this day in many parts of Asia, Africa, the tradition of wall painting can be traced back to Indian rock art paintings that date back to 4000 BC. In ancient China, the earliest advertising known was oral, as recorded in the Classic of Poetry of bamboo flutes played to sell candy, advertisement usually takes in the form of calligraphic signboards and inked papers. Fruits and vegetables were sold in the city square from the backs of carts and wagons, the first compilation of such advertisements was gathered in Les Crieries de Paris, a thirteenth-century poem by Guillaume de la Villeneuve. In the 18th century advertisements started to appear in newspapers in England. However, false advertising and so-called quack advertisements became a problem, thomas J. Barratt from London has been called the father of modern advertising. Working for the Pears Soap company, Barratt created an advertising campaign for the company products. One of his slogans, Good morning, have you used Pears soap. was famous in its day and into the 20th century. Barratt introduced many of the ideas that lie behind successful advertising

11.
Brand
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A brand is a name, term, design, symbol, or other feature that distinguishes one seller’s product from those of others. Brands are used in business, marketing, and advertising, however, the term has been extended to mean a strategic personality for a product or company, so that ‘brand’ now suggests the values and promises that a consumer may perceive and buy into. Branding is a set of marketing and communication methods that help to distinguish a company from competitors, the key components that form a brands toolbox include a brand’s identity, brand communication, brand awareness, brand loyalty, and various branding strategies. Brand equity is the totality of a brands worth and is validated by assessing the effectiveness of these branding components. To reach such an invaluable brand prestige requires a commitment to a way of doing business. A corporation who exhibits a strong brand culture is dedicated on producing intangible outputs such as customer satisfaction, reduced price sensitivity and customer loyalty. A brand is in essence a promise to its customers that they can expect long-term security, when a customer is familiar with a brand or favours it incomparably to its competitors, this is when a corporation has reached a high level of brand equity. Many companies are beginning to understand there is often little to differentiate between products in the 21st century. Branding remains the last bastion for differentiation, in accounting, a brand defined as an intangible asset is often the most valuable asset on a corporation’s balance sheet. The word ‘brand’ is often used as a referring to the company that is strongly identified with a brand. Marque or make are often used to denote a brand of motor vehicle, a concept brand is a brand that is associated with an abstract concept, like breast cancer awareness or environmentalism, rather than a specific product, service, or business. A commodity brand is a associated with a commodity. The word, brand, derives from Dutch brand meaning to burn and this product was developed at Dhosi Hill, an extinct volcano in northern India. Roman glassmakers branded their works, with Ennion being the most prominent, the Italians used brands in the form of watermarks on paper in the 13th century. Blind Stamps, hallmarks, and silver-makers marks are all types of brand, industrialization moved the production of many household items, such as soap, from local communities to centralized factories. When shipping their items, the factories would literally brand their logo or insignia on the barrels used, Bass & Company, the British brewery, claims their red-triangle brand as the worlds first trademark. Another example comes from Antiche Fornaci Giorgi in Italy, which has stamped or carved its bricks with the same proto-logo since 1731, cattle-branding has been used since Ancient Egypt. The term, maverick, originally meaning an un-branded calf, came from a Texas pioneer rancher, Sam Maverick, use of the word maverick spread among cowboys and came to apply to unbranded calves found wandering alone

12.
Corporate anniversary
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In marketing, a Corporate anniversary is a celebration of a firms continued existence after a particular number of years. As a public relations opportunity, it is a way for a firm to tout past accomplishments while strengthening relationships with employees, the duration of the celebration itself can vary considerably, from an hour or day to activities happening throughout the year. Many businesses use an anniversary to express gratitude for past success, generally, larger corporations have the means to stage more elaborate celebrations. An anniversary can advertise a firms staying power and longevity, marketers choose variables relating to anniversaries to meet specific promotional objectives. While the length of time celebrated by an anniversary is often divisible by five, such as the 10th, 15th, 25th, 50th, or 80th anniversary, there are no hard and fast rules. For example, Google celebrated its 13th anniversary with a doodle for its main search page which showed a colorful image of cake, presents. Generally, anniversaries are chosen to coincide with marketing initiatives, such that any coming of age will do, an anniversary can commemorate not only a firms founding year but the introduction of a successful company brand, a merger, a patent, or some other milestone. Planning an anniversary can take years, in some cases, special marketing consultants and event planners have been hired to coordinate the effort. For example, Starbucks marked their 40th anniversary with a redesigned logo, guinness Brewery celebrated its 250th anniversary with a global advertising effort. In 1972, Time magazine celebrated its 50th anniversary with events throughout the year, So we are 50 years old and we are planning a series of events for the months ahead—some small and rather personal and sentimental—others on a bigger scale. Goya Foods, on its 75th anniversary, donated a million pounds of food to help fight hunger, there is flexibility in terms of choosing which dates to use when determining an anniversary. Measuring the success of any advertising effort, including an anniversary celebration, sometimes an anniversary generates negative publicity, such as the tenth anniversary of the merger between AOL and Time Warner, which was largely seen as a colossal business blunder. The problem is, apart from the odd column inch in the giving the company free PR. Telling your customers you are of a certain age creates nostalgia and makes people think about your brand, advertising Corporate identity Event management Event planning Marketing strategy Media event Public relations

13.
Direct marketing
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Among practitioners, it is also known as direct response. The prevalence of direct marketing and the nature of some communications has led to regulations and laws such as the CAN-SPAM Act. Measured against total US sales, these advertising expenditures generated approximately $1.798 trillion in incremental sales, in 2010, direct marketing accounted for 8. 3% of total US gross domestic product. In 2010, there were 1.4 million direct marketing employees in the US and their collective sales efforts directly supported 8.4 million other jobs, accounting for a total of 9.8 million US jobs. The term direct marketing was coined long after Montgomery Wards time, in 1872, Ward produced the first mail-order catalog for his Montgomery Ward mail order business. By buying goods and then reselling them directly to customers, Ward was consequently removing the middlemen at the store and, to the benefit of the customer. The Direct Mail Advertising Association, predecessor of the present-day Direct Marketing Association, was first established in 1917, third class bulk mail postage rates were established in 1928. In 1967, Lester Wunderman identified, named, and defined the term direct marketing, Direct marketing is attractive to many marketers because its positive results can be measured directly. For example, if a marketer sends out 1,000 solicitations by mail and 100 respond to the promotion and this metric is known as the response rate, and it is one of many clearly quantifiable success metrics employed by direct marketers. In contrast, general advertising uses indirect measurements, such as awareness or engagement, measurement of results is a fundamental element in successful direct marketing. One of the significant benefits of Direct Marketing is, it enables promoting products or services that might not have a strong brand. The Internet has made it easier for marketing managers to measure the results of a campaign and this is often achieved by using a specific website landing page directly relating to the promotional material. Another way to measure the results is to compare the projected sales or generated leads for a term with the actual sales or leads after a direct advertising campaign. This poses a problem for marketers and consumers alike, as advertisers do not wish to waste money on communicating with consumers not interested in their products, the medium/media used to deliver a message can have a significant impact on responses. It is difficult to truly personalize a DRTV or radio message, in sum, choosing the best of all the above parameters may yield up to 58 times more response, as compared to choosing the worst of the above parameters. Addressing these helps assuage the concerns of the marketers, some of these concerns have been addressed by direct marketers by the use of individual opt-out lists, variable printing, and better-targeted list practices. The term junk mail, referring to unsolicited commercial ads delivered via post office or directly deposited in consumers mail boxes, can be traced back to 1954. To address the concerns of unwanted emails or spam, in 2003, The US Congress enacted the Controlling the Assault of Non-Solicited Pornography, can-Spam gives recipients the ability to stop unwanted emails, and set out tough penalties for violations

14.
Personal selling
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Personal selling process refers to a process that occurs when a sales representative meets with a potential client for the purpose of transacting a sale. Many sales representatives rely on a sales process that typically includes nine steps. Some sales representatives develop scripts for all or part of the sales process, the sales process can be used in face-to-face encounters and in telemarketing. Different types of roles can be identified, Order takers refers to selling that occurs primarily at the wholesale or retail levels. Order processing involves determining the needs, pointing to inventory that meets the customer needs. Missionary Selling is often seen as a support role. The missionary sales person distributes information about products or services, describes product attributes and leaves materials, the missionary sales person often prepares the way for a field sales person. Cold calling refers to a situation when a sales representative telephones or visits a customer without a prior appointment, cold calling is often considered to be the most challenging of the sales activities. Relationship selling refers to a practice that involves building and maintaining interactions with customers in order to enhance long term relationships. Relationship selling often involves a problem solving approach where the sales representative acts in a consultative role, relationship selling is often found in high-tech selling environments. See also Lead generation, Lead management, Sales presentation, Sales promotion The first text to outline the steps in the process was published in 1918 by Norval Watkins. Prospecting Identifying prospects or prospecting occurs when the sales person seeks to identify leads or prospects, the aim of prospecting is to increase the likelihood that sales staff spend time with potential clients who have an interest in the product or service. Qualifying leads After identifying potential customers, the team must determine whether prospects represent genuine potential customers. This part of the process is known as qualifying leads, or leads who are likely to buy. Qualified leads are those who have a need for the product, a capacity to pay and a willingness to pay for the product, pre-approach refers to the process of preparing for the presentation. This consists of research, goal planning, scheduling an appointment. Approach refers to the stage when the salesperson initially meets with the customer, since first contact leaves an impression on the buyer, professional conduct, including attire, a handshake, and eye contact, is advised. Need assessment An important component of the presentation is the assessment of the customers needs

15.
Product placement
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Product placement stands out as a marketing strategy because it is the most direct attempt to derive commercial benefit from the context and environment within which the product is displayed or used. The technique can be beneficial for viewers, since interruptive advertising removes them from the entertainment, in April 2006, Broadcasting & Cable reported, Two thirds of advertisers employ branded entertainment—product placement, brand integration—with the vast majority of that in commercial TV programming. It said, Reasons for using in-show plugs varied from stronger emotional connection to better dovetailing with relevant content, a major growth driver is the increasing use of digital video recorders, which enable viewers to skip advertisements that interrupt a show. Product placement began in the nineteenth century, by the time Jules Verne published the adventure novel Around the World in Eighty Days, his fame had led transport and shipping companies to lobby to be mentioned in the story. Whether Verne was actually paid to do so, however, remains unknown, similarly, a painting by Eduoard Manet shows bar at Folies Bergere with distinctive bottles placed at either end of the counter. The beer bottle is immediately recognisable as Bass beer and this led to cinema becoming one of the earliest channels used for product placement. For example, the German magazine Die Woche in 1902 printed an article about a countess in her castle where she, in one of the photographs, held a copy of Die Woche in her hands. Product placement was a feature of many of the earliest actualities. During the next four decades, Harrisons Reports frequently cited cases of on-screen brand-name products and he condemned the practice as harmful to movie theaters. Publisher P. S. Harrison’s editorials reflected his hostility towards product placement in films, an editorial in Harrison’s Reports criticized the collaboration between the Corona Typewriter company and First National Pictures when a Corona typewriter appeared in the film The Lost World. Harrisons Reports criticized several incidents of Corona typewriters appearing in mid-1920s films, recognizable brand names appeared in movies from cinemas earliest history. In the first decade or so of film audiences attended films as fairground attractions interesting for their visual effects. This format was suited to product placement than narrative cinema. Gurevitch argued that early cinematic attractions have more in common with television advertisements in the 1950s than they do with traditional films, segrave detailed the industries that advertised in these early films. In the 1920s, Harrisons Reports published its first denunciation of that practice over Red Crown gasoline appearance in The Garage, a feature film that has expectations of reaching millions of viewers attracts marketers. In many cases no payment is made for product exposure and no promise of marketing support is made when consumer brands appear in movies. Film productions need props for scenes, so each movie’s property master, in addition to items for on-screen use, the product/service supplier might provide a production with large quantities of complementary products or services. Tapping product placement channels can be valuable for movies when a vintage product is required—such as a sign or bottle—that is not readily available

16.
Corporate propaganda
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Corporate propaganda refers to propaganda disseminated by a corporation, for the purpose of manipulating public opinion concerning to that corporation, and its activities. The use of propaganda can be commonly found in the fields of advertising, marketing. A corporate brand is the perception of a company that unites a group of products or services for the public under a name. The process of corporate branding comprises creating favourable associations and positive reputation with both internal and external stakeholders, the purpose of a corporate branding initiative is generally either to disguise corporate motives, or to improve business opportunities. Sex in advertising is the use of sex appeal in advertising to sell a particular product or service. Sexually appealing imagery may or may not pertain to the product or service in question, examples of sexually appealing imagery include nudity, pin-up girls, and muscular men. The use of sex in advertising can be overt or extremely subtle. It ranges from relatively explicit displays of sexual acts, to the use of cosmetics to enhance attractive features. The crisis for organisations can be defined as follows, A crisis is a catastrophe that may occur either naturally or as a result of human error, intervention. It can include tangible devastation, such as the destruction of lives or assets, or intangible devastation, as the extent of communication grows, many companies disseminate propaganda amongst the lower-class employees of the organisation. Shared meaning, Internal communication is used to build an understanding among employees about corporate goals. Connectivity, Internal communication is used mainly to clarify the connectedness of the companys people, satisfaction, Internal communication is used to improve job satisfaction. The investor relations function is used by companies which publicly trade shares on a stock exchange, a key role of corporate propaganda is to encourage a positive view of corporate hegemony, wage labour, and specific organisations. The role of corporate propaganda therefore also consists of management, namely the “set of organisational procedures, routines, personnel. In order to increase media coverage, organisations must bribe and incentivise influential members of the media. This task might be handled by employees within the media relations department or handled by a public relations firm. Internet advertising is a method of distribution for corporate propaganda which uses the Internet to deliver promotional marketing messages to consumers and it includes email marketing, search engine marketing, social media marketing, many types of display advertising, and mobile advertising. Many common online advertising practices are controversial and increasingly subject to regulation, online ad revenues may not adequately replace other publishers revenue streams

17.
Sales promotion
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Sales promotion is one of the five aspects of the promotional mix. Media and non-media marketing communication are employed for a pre-determined, limited time to consumer demand. Examples include contests, coupons, freebies, loss leaders, point of purchase displays, premiums, prizes, product samples, sales promotions can be directed at either the customer, sales staff, or distribution channel members. Sales promotions targeted at the consumer are called consumer sales promotions, sales promotions targeted at retailers and wholesale are called trade sales promotions. Some sale promotions, particularly ones with unusual methods, are considered gimmicks by many and these efforts can attempt to stimulate product interest, trial, or purchase. Examples of devices used in sales promotion include coupons, samples, premiums, point-of-purchase displays, contests, rebates, sales promotion is implemented to attract new customers, to hold present customers, to counteract competition, and to take advantage of opportunities that are revealed by market research. It is made up of activities, both outside and inside activities, to company sales. Outside sales promotion activities include advertising, publicity, public relations activities, inside sales promotion activities include window displays, product and promotional material display and promotional programs such as premium awards and contests. Sale promotions often come in the form of discounts, discounts impact the way consumers think and behave when shopping. The type of savings and its location can affect the way consumers view a product and affect their purchase decision, the two most common discounts are price discounts and bonus packs. Price discounts are the reduction of a sale by a certain percentage while bonus packs are deals in which the consumer receives more for the original price. Many companies present different forms of discounts in advertisements, hoping to convince consumers to buy their products, short term sales to achieve short term objectives Price deal, A temporary reduction in the price, such as 50% off. Loyal Reward Program, Consumers collect points, miles, or credits for purchases, cents-off deal, Offers a brand at a lower price. Price reduction may be a percentage marked on the package, price-pack/Bonus packs deal, The packaging offers a consumer a certain percentage more of the product for the same price. This is another type of deal “in which customers are offered more of the product for the same price”, for example, a sales company may offer their consumers a bonus pack in which they can receive two products for the price of one. In these scenarios, this pack is framed as a gain because buyers believe that they are obtaining a free product. The purchase of a pack, however, is not always beneficial for the consumer. Sometimes consumers will end up spending money on an item they would not normally buy had it not been in a bonus pack, as a result, items bought in a bonus pack are often wasted and is viewed as a “loss” for the consumer

18.
Broadcasting
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Broadcasting began with AM radio, which came into popular use around 1920 with the spread of vacuum tube radio transmitters and receivers. Before this, all forms of communication were one-to-one, with the message intended for a single recipient. Over the air broadcasting is usually associated with radio and television, the receiving parties may include the general public or a relatively small subset, the point is that anyone with the appropriate receiving technology and equipment can receive the signal. The field of broadcasting includes both government-managed services such as radio, community radio and public television, and private commercial radio. The U. S. Code of Federal Regulations, title 47, part 97 defines broadcasting as transmissions intended for reception by the general public, private or two-way telecommunications transmissions do not qualify under this definition. For example, amateur and citizens band radio operators are not allowed to broadcast, as defined, transmitting and broadcasting are not the same. Transmissions using a wire or cable, like television, are also considered broadcasts. In the 2000s, transmissions of television and radio programs via streaming digital technology have increasingly been referred to as broadcasting as well, the earliest broadcasting consisted of sending telegraph signals over the airwaves, using Morse code, a system developed in the 1830s by Samuel F. B. Morse, physicist Joseph Henry and Alfred Vail and they developed an electrical telegraph system which sent pulses of electric current along wires which controlled an electromagnet that was located at the receiving end of the telegraph system. A code was needed to transmit natural language using only these pulses, Morse therefore developed the forerunner to modern International Morse code. Audio broadcasting began experimentally in the first decade of the 20th century, by the early 1920s radio broadcasting became a household medium, at first on the AM band and later on FM. Television broadcasting started experimentally in the 1920s and became widespread after World War II, satellite broadcasting was initiated in the 1960s and moved into general industry usage in the 1970s, with DBS emerging in the 1980s. Originally all broadcasting was composed of signals using analog transmission techniques but in the 2000s. In general usage, broadcasting most frequently refers to the transmission of information, Analog audio vs. HD Radio Analog television vs.9 zettabytes. This is the equivalent of 55 newspapers per person per day in 1986. Historically, there have been several methods used for broadcasting electronic media audio and/or video to the public, Telephone broadcasting. Telephone broadcasting also grew to include telephone services for news and entertainment programming which were introduced in the 1890s. These telephone-based subscription services were the first examples of electrical/electronic broadcasting, Radio broadcasting, audio signals sent through the air as radio waves from a transmitter, picked up by an antenna and sent to a receiver

19.
In-game advertising
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In-game advertising refers to advertising in computer and video games. IGA differs from advergaming, which refers to a specifically made to advertise a product. The IGA industry is large and growing, in-game advertising generated $34 million in 2004, $56 million in 2005, $80 million in 2006, and $295 million in 2007. In 2009, spending on IGA was estimated to reach $699 million USD, $1 billion by 2014, the earliest known IGA was the 1978 computer game Adventureland, which inserted a self-promotional advertisement for its next game, Pirate Adventure. The earliest known commercial IGA occurred in 1991 when a spot for Penguin biscuits appeared in James Pond - RoboCod, due to the custom programming required, dynamic advertising is usually presented in the background, static advertisements can appear as either. Similar to product placement in the industry, static IGAs cannot be changed after they are programmed directly into the game. However, unlike product placement in traditional media, IGA allows gamers to interact with the virtual product, for example, Splinter Cell has required the use of in-game Sony Ericsson phones to catch terrorists. Unlike static IGAs, dynamic IGAs are not limited to a developer and publisher determined pre-programmed size or location, a number of games utilize billboard-like advertisements or product placement to create a realistic gaming environment. For example, many sports games incorporate these advertisements to simulate the heavy advertising within professional sports, similarly, many games employ brand-name products such as guns and cars as in-game status symbols. These brand references may not be advertisements and are placed in the game purely for plot or design reasons. However, trademark owners sometimes object to unlicensed references to their trademarks, entertainment 2000, Inc. v. Rock Star Videos, Inc. This approach combines the customization of web banners with the functionality of traditional billboards and this information may be used to improve future advertisement campaigns and to correct copy problems or make a current advertisement more appealing to players. Dynamic advertising campaigns allow IGA to be part of an advertisement campaign because they do not need to be designed months or years before the game is finished. Dynamic advertisements can be purchased after a game is released to the public are featured in a developer determined in-game location. For example, in October 2008, billboard advertisements were purchased in 10 swing states by then-US Democratic Presidential candidate Barack Obama in numerous Xbox games. Freemium and free-to-play games are playable online and provide a free basic game with options for players to purchase advanced features or additional items. They operate under the theory that a gamer will pay for additional in-game features after investing enough time in the game, in freemium games like Farmville, these transactions are typically one-time payments for specific in-game goods. Free-to-play games like Age of Conan instead try to induce players to enter into a relationship for premium content

20.
New media
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New media most commonly refers to content available on-demand through the Internet, accessible on any digital device, usually containing interactive user feedback and creative participation. Common examples of new media websites such as online newspapers, blogs, wikis, video games. A defining characteristic of new media is dialogue, New Media transmit content through connection and conversation. It enables people around the world to share, comment on, unlike any of past technologies, New Media is grounded on an interactive community. Most technologies described as new media are digital, often having characteristics of being manipulated, networkable, dense, compressible, some examples may be the Internet, websites, computer multimedia, video games, virtual reality, augmented reality, CD-ROMS, and DVDs. New media does not include television programs, feature films, magazines, books, Facebook is an example of the social media model, in which most users are also participants. Wikitude is an example for augmented reality and it displays information about the users surroundings in a mobile camera view, including image recognition, 3D modeling and location-based approach to augmented reality. In the 1950s, connections between computing and radical art began to grow stronger, in the late 1980s and early 1990s, however, we seem to witness a different kind of parallel relationship between social changes and computer design. Although causally unrelated, conceptually it makes sense that the Cold War, writers and philosophers such as Marshall McLuhan were instrumental in the development of media theory during this period. Until the 1980s media relied primarily upon print and analog broadcast models, such as those of television, the last twenty-five years have seen the rapid transformation into media which are predicated upon the use of digital technologies, such as the Internet and video games. However, these examples are only a representation of new media. The use of computers has transformed the remaining old media, as suggested by the advent of digital television. Andrew L. Shapiro argues that the emergence of new, digital technologies signals a potentially radical shift of who is in control of information, experience and resources. W. Russell Neuman suggests that whilst the new media have technical capabilities to pull in one direction, economic, Neuman argues that new media will, Alter the meaning of geographic distance. Allow for an increase in the volume of communication. Provide the possibility of increasing the speed of communication, allow forms of communication that were previously separate to overlap and interconnect. Scholars, such as Lister et al, New Media as Computer Technology Used as a Distribution Platform – New Media are the cultural objects which use digital computer technology for distribution and exhibition. E. g. Internet, Web sites, computer multimedia, the problem with this is that the definition must be revised every few years

Retail (comic strip)
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Retail is a syndicated comic strip distributed by King Features Syndicate. It is authored and illustrated by Norm Feuti and it made its newspaper debut on January 1,2006, and then gained quickly in popularity following articles in The New York Times and TIME Magazine. The strip is set in a department store called Grumbels. Grumbels provides an arra

1.
Retail

Macy's Herald Square
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Macys Herald Square, originally known as the R. H. Macy and Company Store, is the flagship of Macys department stores, located on Herald Square in Manhattan, New York City. The buildings 2.2 million square feet has made it the second largest department store. As of 2016, the store has stood at the site for 115 years, the building was added to the N

1.
R. H. Macy and Company Store

2.
Macy's entrance

3.
The building in 2010

4.
An early Macy's building, dating from 1894, at 56 West 14th Street, designated a NYC landmark in 2012

New York City
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The City of New York, often called New York City or simply New York, is the most populous city in the United States. With an estimated 2015 population of 8,550,405 distributed over an area of about 302.6 square miles. Located at the tip of the state of New York. Home to the headquarters of the United Nations, New York is an important center for int

1.
Clockwise, from top: Midtown Manhattan, Times Square, the Unisphere in Queens, the Brooklyn Bridge, Lower Manhattan with One World Trade Center, Central Park, the headquarters of the United Nations, and the Statue of Liberty

2.
New Amsterdam, centered in the eventual Lower Manhattan, in 1664, the year England took control and renamed it "New York".

3.
The Battle of Long Island, the largest battle of the American Revolution, took place in Brooklyn in 1776.

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Broadway follows the Native American Wickquasgeck Trail through Manhattan.

Marketing
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Marketing is the study and management of exchange relationships. Marketing is used to create the customer, to keep the customer, with the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. Other services and management activities such as O

Marketing management
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Marketing management employs various tools from economics and competitive strategy to analyze the industry context in which the firm operates. These include Porters five forces, analysis of groups of competitors, value chain analysis. Depending on the industry, the context may also be important to examine in detail. In competitor analysis, marketer

1.
The Marketing Metrics Continuum provides a framework for how to categorize metrics from the tactical to strategic.

Pricing
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Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the businesss marketing plan. Pricing is an aspect of financial modeling and is one of the four Ps of the marketing mix. Price is the revenue generating element amongst the four Ps. However, the other Ps of marketing will con

1.
Example of an "Everyday Low Price" sign

Service (economics)
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In economics, a service is a transaction in which no physical goods is transferred from the seller to the buyer. The benefits of such a service are held to be demonstrated by the willingness to make the exchange. Public services are those that society as a whole pays for, using resources, skill, ingenuity, and experience, service providers benefit

1.
A bellhop is an example of a service occupation.

Brand management
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In marketing, brand management is the analysis and planning on how that brand is perceived in the market. Developing a good relationship with the market is essential for brand management. Tangible elements of management include the product itself, look, price. The intangible elements are the experience that the consumer has had with the brand, a br

1.
Business administration

Corporate identity
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A corporate identity or corporate image is the manner which a corporation, firm or business presents themselves to the public, such as customers and investors as well as employees. It is a task of the corporate communications department to maintain and build this identity to accord with. It is typically visually manifested by way of branding and th

Advertising
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Advertising is an audio or visual form of marketing communication that employs an openly sponsored, nonpersonal message to promote or sell a product, service or idea. Sponsors of advertising are often businesses who wish to promote their products or services, Advertising is differentiated from public relations in that an advertiser usually pays for

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A Coca-Cola advertisement from the 1890s

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Bronze plate for printing an advertisement for the Liu family needle shop at Jinan, Song dynasty China. It is considered the world's earliest identified printed advertising medium.

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Edo period LEL flyer from 1806 for a traditional medicine called Kinseitan

4.
A 1900 advertisement for Pears soap

Brand
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A brand is a name, term, design, symbol, or other feature that distinguishes one seller’s product from those of others. Brands are used in business, marketing, and advertising, however, the term has been extended to mean a strategic personality for a product or company, so that ‘brand’ now suggests the values and promises that a consumer may percei

1.
Ferrari is the world's most powerful brand according to Brand Finance.

2.
The color, letter font and style of the Coca-Cola and Diet Coca-Cola logos in English were copied into matching Hebrew logos to maintain brand identity in Israel.

Corporate anniversary
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In marketing, a Corporate anniversary is a celebration of a firms continued existence after a particular number of years. As a public relations opportunity, it is a way for a firm to tout past accomplishments while strengthening relationships with employees, the duration of the celebration itself can vary considerably, from an hour or day to activi

1.
Guinness brewery marked its 250th anniversary in 2009 with its first global advertising campaign.

Direct marketing
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Among practitioners, it is also known as direct response. The prevalence of direct marketing and the nature of some communications has led to regulations and laws such as the CAN-SPAM Act. Measured against total US sales, these advertising expenditures generated approximately $1.798 trillion in incremental sales, in 2010, direct marketing accounted

1.
A pile of advertising mail

Personal selling
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Personal selling process refers to a process that occurs when a sales representative meets with a potential client for the purpose of transacting a sale. Many sales representatives rely on a sales process that typically includes nine steps. Some sales representatives develop scripts for all or part of the sales process, the sales process can be use

1.
Vegetable seller at a market in Porto Covo, Portugal.

2.
A beach salesman showing necklaces to a tourist in Mexico.

Product placement
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Product placement stands out as a marketing strategy because it is the most direct attempt to derive commercial benefit from the context and environment within which the product is displayed or used. The technique can be beneficial for viewers, since interruptive advertising removes them from the entertainment, in April 2006, Broadcasting & Cable r

1.
Self-advertising: A German countess holds a copy of the magazine Die Woche in her hands. The photo appeared in 1902 in an issue of Die Woche (detail of the actual photograph)

Corporate propaganda
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Corporate propaganda refers to propaganda disseminated by a corporation, for the purpose of manipulating public opinion concerning to that corporation, and its activities. The use of propaganda can be commonly found in the fields of advertising, marketing. A corporate brand is the perception of a company that unites a group of products or services

1.
Images of pretty women often appear in ads even without connection to the product being sold. This provocatively clad woman lends "sex appeal" to a 1921 ad for tire valve caps.

Sales promotion
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Sales promotion is one of the five aspects of the promotional mix. Media and non-media marketing communication are employed for a pre-determined, limited time to consumer demand. Examples include contests, coupons, freebies, loss leaders, point of purchase displays, premiums, prizes, product samples, sales promotions can be directed at either the c

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Half Off Discount

Broadcasting
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Broadcasting began with AM radio, which came into popular use around 1920 with the spread of vacuum tube radio transmitters and receivers. Before this, all forms of communication were one-to-one, with the message intended for a single recipient. Over the air broadcasting is usually associated with radio and television, the receiving parties may inc

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Broadcasting antenna in Stuttgart

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A television studio production control room in Olympia, Washington, August 2008.

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Radio station WTUL studio, Tulane University, New Orleans

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Topics and terminology

In-game advertising
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In-game advertising refers to advertising in computer and video games. IGA differs from advergaming, which refers to a specifically made to advertise a product. The IGA industry is large and growing, in-game advertising generated $34 million in 2004, $56 million in 2005, $80 million in 2006, and $295 million in 2007. In 2009, spending on IGA was es

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A poster campaign for Tripping the Rift in SWAT 4.

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Chupa Chups products can be seen in the background of Zool.

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Media Island, Sony BMG 's virtual presence in Second Life

New media
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New media most commonly refers to content available on-demand through the Internet, accessible on any digital device, usually containing interactive user feedback and creative participation. Common examples of new media websites such as online newspapers, blogs, wikis, video games. A defining characteristic of new media is dialogue, New Media trans

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The salesperson shows how the mop cleans, and how the head can be removed by standing on it. She then demonstrates how it can be spun, ejecting water out of the mop. A prospective customer then spins a dry mop, and finally inspects the head.

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The Forum of Jerash, in Jordan. The columns mark the location of a stoa, or covered walkway, where the stalls of open-air vendors might be located in bad weather. Note the semi-circular shape and traces of a central podium, similar in function to a theatre.

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Clockwise from top: View of Golden Horn between Galata and Seraglio Point including the historic areas; Maiden's Tower; a nostalgic tram on İstiklal Avenue; Levent business district with Dolmabahçe Palace; Ortaköy Mosque in front of the Bosphorus Bridge; and Hagia Sophia.

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Constantine I

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Remains of a Byzantine column found at Byzantium 's acropolis, located today within the Topkapı Palace complex

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Created in 1422 by Cristoforo Buondelmonti, this is the oldest surviving map of Constantinople.

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A collage of Vicenza showing: the Villa Capra "La Rotonda", the classical temple in the Parco Querini, a panorama of the city from the Monte Berico, the Piazza dei Signori and the Renaissance Basilica Palladiana.